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    Applied Economics

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    Janah Miranda
    1. The document appears to be a final exam for an applied economics course covering topics like market failure, externalities, public goods, and market structures. 2. It includes multiple choice questions to identify terms, true/false questions about market concepts, and questions requiring explanations of concepts like positive and negative externalities, the free-rider problem, and characteristics of perfect competition. 3. The exam evaluates students' understanding of key economic concepts through identification, application, and explanation questions.

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    © All Rights Reserved
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    Applied Economics

    Uploaded by

    Janah Miranda
    17 views2 pages
    1. The document appears to be a final exam for an applied economics course covering topics like market failure, externalities, public goods, and market structures. 2. It includes multiple choice questions to identify terms, true/false questions about market concepts, and questions requiring explanations of concepts like positive and negative externalities, the free-rider problem, and characteristics of perfect competition. 3. The exam evaluates students' understanding of key economic concepts through identification, application, and explanation questions.

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    Applied-economics

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    1. The document appears to be a final exam for an applied economics course covering topics like market failure, externalities, public goods, and market structures. 2. It includes multiple choice questions to identify terms, true/false questions about market concepts, and questions requiring explanations of concepts like positive and negative externalities, the free-rider problem, and characteristics of perfect competition. 3. The exam evaluates students' understanding of key economic concepts through identification, application, and explanation questions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    17 views2 pages

    Applied Economics

    Uploaded by

    Janah Miranda
    1. The document appears to be a final exam for an applied economics course covering topics like market failure, externalities, public goods, and market structures. 2. It includes multiple choice questions to identify terms, true/false questions about market concepts, and questions requiring explanations of concepts like positive and negative externalities, the free-rider problem, and characteristics of perfect competition. 3. The exam evaluates students' understanding of key economic concepts through identification, application, and explanation questions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    FINAL EXAMINATION

    APPLIED ECONOMICS
    Final Examination
    First Semester, School Year 2022-2023
    Ma’am Janah C. Miranda

    NAME: Date:
    Course and Section:
    I. Identification: Wrong spelling is wrong. 2pts each
    1. Is the economic situation defined by an inefficient distribution of goods and
    services in the free market.
    2. Is an effect on a third party which is caused by the production or consumption
    of a good or service.
    3. Means producing at the lowest cost possible without any waste.
    4. Means that among the points on the production possibility frontier, the point
    that is chosen is socially preferred.
    5. Enacting specific laws.
    6. Government controls the supply of goods that have positive externalities.
    7. Placing taxes on certain goods to discourage use and internalize external costs.
    8. Encourages or discourages consumption.
    9. Permits that allow firms to produce a certain amount of something, commonly
    pollution.
    10. Reducing the price of a good based on the public benefit that is gained.

    II. TRUE or FALSE. (2pts each)


    1. The theoretical efficiency of perfect competition does provide a useful benchmark for
    comparing the issues that arise from these real-world problems.
    2. For market structures such as monopoly, monopolistic competition, and oligopoly, which
    are more frequently observed in the real world than perfect competition, firms will not
    always produce at the minimum of average cost, nor will they always set price equal to
    marginal cost. Your health is also valuable, and the costs of repairing it in the case of
    accident or illness are significant enough that it also requires insurance coverage.
    3. In Western cultures, prices for consumer goods are usually not negotiable; consumers
    expect to pay the price on the price tag.
    4. Price advantage can sometimes come through timing.
    5. Some products are naturally dated, such as calendars or tax preparation software, and so
    may be discounted as they near their expiration date.
    6. If you are not satisfied due to a product defect, you can contact the retailer or
    manufacturer.
    7. In a transaction, the producer and consumer are the first and second parties, and third
    parties include any individual, organization, property owner, or a resource that is
    indirectly affected
    8. The externalities by nature are generally environmental such as natural resources or
    public health.
    9. Due to the structure of markets, it is impossible for them to be perfect.
    10. For one thing, consumers’ ability to pay reflects the income distribution in a particular
    society.
    III. Choose the letter of the correct answer: 2PTS EACH
    Causes of Market Failure:

    A. Abuse of Monopoly Power D. Overprovision of Demerit


    B. Environmental Concerns Goods
    C. Lack of Public Goods E. The Underproduction of
    Merit Goods
    1. A merit good is a private good that society believes is under-consumed, often with
    positive externalities. For example education, healthcare, and sports centers.
    2. Imperfect markets restrict output in an attempt to maximize profit.
    3. Effects on the environment as important considerations as well as sustainable
    development.
    4. The public goods are commodities or services that benefit all members of society,
    and which are often provided for free through public taxation.
    5. A demerit good is a private good that society believes is over consumed, often
    with negative externalities. For example cigarettes, alcohol, and prostitution.

    IV. Differentiate the following:


    Positive externality:5pts

    Negative externality:5pts

    Explain the following:


    Free-rider problem:5pts

    Perfect Competition: Give Characteristics of perfect competition:10pts

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