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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 taken30
Average score35.0%
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Description
Term
Who shoulders the greater tax burden when demand is relatively inelastic?
The Consumer
Where a functional market produces at the wrong quantity or price
Partial Market Failure
The way in which the benefit of receiving a subsidy is divided between consumers and producers
Incidence of a Subsidy
Where circumstances may change between the recognition of a problem and the designing, and implementation of a policy
Time Lags
Where a person lacks crucial information to make rational decisions
Imperfect Information
The way in which the burden of paying a sales tax is divided between buyers and sellers
Incidence of a Tax
The loss in producer and consumer surplus due to an inefficient level of production
Deadweight Loss
Permits allowing a firm to emit a certain amount of pollution which can be traded between firms
Tradable Pollution Permits
A good or service that a consumer cannot decide against using due to collective supply
Non-Rejectable
A product which has negative effects on people and their communities
Public Bad
Description
Term
Where a government policy is implemented without full knowledge of, or with incorrect information on a certain factor
Information Gaps
A benefit enjoyed by an individual or firm
Private Benefit
A positive or negative externality that is caused by the supply side of the market
Production Externality
A payment made by the government to a supplier of products that are considered to be essential or which provide beneficial effects
Subsidy
Where both sides of the market have access to a similar amount of information
Symmetric Information
What should a tax equal when there are external costs?
Marginal External Cost
Who shoulders the greater tax burden when supply is relatively inelastic?
The Producer
Where a market does not achieve an efficient allocation of scarce resources
Market Failure
That the actions of consumers, producers, and governments will always have effects that are unintended or unanticipated
Law of Unintended Consequences
A positive or negative externality that is caused by the demand side of the market
Consumption Externality
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