Markets & Market Failure quiz games for A-Level Economics A (Edexcel 9EC0)

1. 1

   A public good is...

   Rival but non-excludableNon-rival and non-excludableNon-rival but excludableRival and excludable
2. 2

   Merit goods are...

   Over-consumedUnder-consumed without interventionNon-excludableAlways provided free
3. 3

   A negative externality means...

   Private benefit exceeds social benefitSocial cost exceeds private costSocial benefit exceeds private benefitPrivate cost exceeds social cost

+ 12 more questions in the game.

1. 1

   XED between two goods is negative. They are...

   SubstitutesUnrelatedInferior goodsComplements
2. 2

   Which makes supply more price elastic?

   Large spare capacityA short time periodScarce raw materialsLong production time
3. 3

   Which is a determinant of PED?

   Cost of productionAvailability of substitutesSize of the firmRate of subsidy

+ 12 more questions in the game.

1. 1

   Consumer surplus is the difference between...

   Willingness to pay and price paidPrice and marginal costQuantity demanded and suppliedRevenue and total cost
2. 2

   Price falls 5% and quantity demanded rises 2%. PED is...

   -0.4-2.5-7+0.4
3. 3

   Which change shifts the supply curve to the left?

   A cost-saving new technologyHigher raw material costsA fall in the good's priceLower raw material costs

+ 12 more questions in the game.

1. 1

   Which is a positive externality of consumption?

   Traffic congestionHerd immunity from vaccinationNoise from a nightclubPollution from a factory
2. 2

   A subsidy to producers shifts which curve?

   Demand to the leftSupply to the leftDemand to the rightSupply to the right
3. 3

   Demerit goods are over-consumed because consumers...

   Underestimate the harmAre rational and fully informedCannot afford themCannot find them

+ 12 more questions in the game.