9.The optimal mix of output is: Show Get answer to your question and much more AACSB: Reflective ThinkingBlooms: AnalyzeDifficulty: 2 MediumLearning Objective: 09-01 Define what "market failure" means.Topic: Market Failure10.The tendency for the market to under produce public goods and overproduce privategoods results from:A.the law of diminishingreturns.B.the fact that people are reluctant to buy what they canget free.C.public goods are not as important as privategoods.D.the law of conservation of matter andenergy.Since a public good cannot be withheld to someone who does not pay for it, themarket will not be interested in producing it. AACSB: Reflective ThinkingBlooms: AnalyzeDifficulty: 2 MediumLearning Objective: 09-01 Define what "market failure" means.Topic: Market Failure 4Student: ___________________________________________________________________________1.The most desirable combination of output attainable with existing resources, technology, and socialvalues is known as the:A. Optimal mix of output.B. Efficient mix of output.C. Optimal mix of production.D. Efficient choice of production. 2.The optimal mix of output is the most desirable combination of output attainable with existing: 3.In a market economy, producers will produce the goods and services that: 4.Resources are directed from one industry to another by: 5.If production in the economy is efficient, then changes in market prices:A. Move us along the perimeter of the production possibilities curve.B. Move us to a point above the production possibilities curve.C.Move us from a point below the production possibilities curve to a point on the production possibilitiescurve.D. Have no effect on our position on the production possibilities curve. 6.The term market mechanism refers to: 7.The optimal mix of output maynotbe produced by an economy because of the existence of: 8.Market failure implies that the market mechanism: 9.Which of the following is a source of market failure?A. Private goodsB. Market powerC. Government interventionD. Equity 10.Market failure leads to: 11.Government intervention may be appropriate to correct market outcomes because of: The micro failures of the marketplace imply that we may end up at the wrong point on the production possibilities curve or inequitably distributing the output produced The goal of macro intervention is to foster economic growth—to get us on the production possibilities curve (full employment), maintain a stable price level (price stability), and increase our capacity to produce (growth). The potential micro and macro failures of the marketplace provide specific justifications for government intervention. The most of the growth in federal spending has come from increased income transfers, not purchases of goods and services. Today more than 80,000 state and local government entities buy much more output than Uncle Sam and employ five times as many people. What leads the economy to the wrong mix of output?Market failure implies that the market mechanism: Leads the economy to the wrong mix of output. Market failure leads to: Public goods being under-produced.
What are the four specific sources of market failure?The main types of market failure include asymmetric information, concentrated market power, public goods and externalities.
Which of the following is an example of a public good group of answer choices?Examples of public goods are education, infrastructure, lighthouses, flood control systems, knowledge, fresh air, national security, official statistics, etc.
Which of the following is a good that would be counted as consumption in GDP?Consumption: Refers to personal or consumer expenditures. In other words, it measures the dollar value of goods and services purchased by consumers. These items would include food, clothing, and landscaping services. Any new purchases by consumers can be counted as part of the GDP.
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The optimal mix of output is the most desirable combination of output attainable with existing
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