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Edexcel Economics 3 Market Failure & Government Intervention

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
Quiz by robalot39
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Last updated: May 29, 2019
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First submittedMay 27, 2019
Times taken31
Average score30.0%
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Description
Term
A tax charged directly to an individual based on a component of income
Direct Tax
The sum of consumer and producer surplus
Community Surplus
A payment made by the government to a supplier of products that are considered to be essential or which provide beneficial effects
Subsidy
The loss in producer and consumer surplus due to an inefficient level of production
Deadweight Loss
Where a government focuses on quick fixes to problems
Short-Termism
Who shoulders the greater tax burden when supply is relatively inelastic?
The Producer
Where a person is willing to take more risks because someone else must bear the costs
Moral Hazard
Where one party to a transaction has more information than the other
Asymmetric Information
Who shoulders the greater tax burden when demand is relatively inelastic?
The Consumer
The way in which the benefit of receiving a subsidy is divided between consumers and producers
Incidence of a Subsidy
Description
Term
Where a person lacks crucial information to make rational decisions
Imperfect Information
Where people may support something as long as it does not affect and/or inconvenience them
NIMBY Syndrome
The way in which the burden of paying a sales tax is divided between buyers and sellers
Incidence of a Tax
Where a government designs policies for their own political benefit
Political Self Interest
Where a functional market produces at the wrong quantity or price
Partial Market Failure
The reforms of the EU's Common Agricultural Policy in 1992
MacSharry Reforms
Where resources are distributed in a way that maximises consumer satisfaction, and where the price of a product is equal to the marginal cost of producing it
Allocative Efficiency
A benefit enjoyed by a third party
External benefit
A good or service that a consumer can decide against using
Rejectable
That the actions of consumers, producers, and governments will always have effects that are unintended or unanticipated
Law of Unintended Consequences
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