{"id":3141,"date":"2016-10-20T14:13:14","date_gmt":"2016-10-20T07:13:14","guid":{"rendered":"http:\/\/www.giasuquocte.edu.vn\/3141-2\/"},"modified":"2016-10-20T14:13:14","modified_gmt":"2016-10-20T07:13:14","slug":"3141-2","status":"publish","type":"post","link":"https:\/\/giasuquocte.edu.vn\/en\/3141-2\/","title":{"rendered":""},"content":{"rendered":"<div id=\"watu_quiz\" class=\"quiz-area single-page-quiz\">\n<form action=\"\" method=\"post\" class=\"quiz-form \" id=\"quiz-23\" >\n<div class='watu-question' id='question-1'><div class='question-content'><p><span class='watu_num'>1. <\/span>We cannot say whether one allocation of resources is better than another allocation\u00a0because<\/p>\n<\/div><input type='hidden' name='question_id[]' value='413' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1834' \/><div class='watu-question-choice'><input type='radio' name='answer-413[]' id='answer-id-1834' class='answer answer-1  answerof-413' value='1834' \/>&nbsp;<label for='answer-id-1834' id='answer-label-1834' class=' answer label-1'><span class='answer'>some people cannot count<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1835' \/><div class='watu-question-choice'><input type='radio' name='answer-413[]' id='answer-id-1835' class='answer answer-1  answerof-413' value='1835' \/>&nbsp;<label for='answer-id-1835' id='answer-label-1835' class=' answer label-1'><span class='answer'>some people may not be permanent residents<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1836' \/><div class='watu-question-choice'><input type='radio' name='answer-413[]' id='answer-id-1836' class='answer answer-1  answerof-413' value='1836' \/>&nbsp;<label for='answer-id-1836' id='answer-label-1836' class=' answer label-1'><span class='answer'>not all economic activity is legal<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1837' \/><div class='watu-question-choice'><input type='radio' name='answer-413[]' id='answer-id-1837' class='answer answer-1  answerof-413' value='1837' \/>&nbsp;<label for='answer-id-1837' id='answer-label-1837' class=' answer label-1'><span class='answer'>we cannot make value judgements to compare different people&#8217;s welfare<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType1' value='radio' class=''><\/div><div class='watu-question' id='question-2'><div class='question-content'><p><span class='watu_num'>2. <\/span>The social cost of monopoly power arises because ________________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='440' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1947' \/><div class='watu-question-choice'><input type='radio' name='answer-440[]' id='answer-id-1947' class='answer answer-2  answerof-440' value='1947' \/>&nbsp;<label for='answer-id-1947' id='answer-label-1947' class=' answer label-2'><span class='answer'>marginal cost is set equal to marginal revenue<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1948' \/><div class='watu-question-choice'><input type='radio' name='answer-440[]' id='answer-id-1948' class='answer answer-2  answerof-440' value='1948' \/>&nbsp;<label for='answer-id-1948' id='answer-label-1948' class=' answer label-2'><span class='answer'>price is less than marginal cost<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1949' \/><div class='watu-question-choice'><input type='radio' name='answer-440[]' id='answer-id-1949' class='answer answer-2  answerof-440' value='1949' \/>&nbsp;<label for='answer-id-1949' id='answer-label-1949' class=' answer label-2'><span class='answer'>marginal consumer benefit is less than marginal revenue<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1950' \/><div class='watu-question-choice'><input type='radio' name='answer-440[]' id='answer-id-1950' class='answer answer-2  answerof-440' value='1950' \/>&nbsp;<label for='answer-id-1950' id='answer-label-1950' class=' answer label-2'><span class='answer'>there is too little output at too high a cost<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType2' value='radio' class=''><\/div><div class='watu-question' id='question-3'><div class='question-content'><p><span class='watu_num'>3. <\/span>Markets sometimes fail to exist because of<\/p>\n<\/div><input type='hidden' name='question_id[]' value='425' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1883' \/><div class='watu-question-choice'><input type='radio' name='answer-425[]' id='answer-id-1883' class='answer answer-3  answerof-425' value='1883' \/>&nbsp;<label for='answer-id-1883' id='answer-label-1883' class=' answer label-3'><span class='answer'>externalities<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1884' \/><div class='watu-question-choice'><input type='radio' name='answer-425[]' id='answer-id-1884' class='answer answer-3  answerof-425' value='1884' \/>&nbsp;<label for='answer-id-1884' id='answer-label-1884' class=' answer label-3'><span class='answer'>the free-rider problem<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1885' \/><div class='watu-question-choice'><input type='radio' name='answer-425[]' id='answer-id-1885' class='answer answer-3  answerof-425' value='1885' \/>&nbsp;<label for='answer-id-1885' id='answer-label-1885' class=' answer label-3'><span class='answer'>poor transport<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1886' \/><div class='watu-question-choice'><input type='radio' name='answer-425[]' id='answer-id-1886' class='answer answer-3  answerof-425' value='1886' \/>&nbsp;<label for='answer-id-1886' id='answer-label-1886' class=' answer label-3'><span class='answer'>a and b<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType3' value='radio' class=''><\/div><div class='watu-question' id='question-4'><div class='question-content'><p><span class='watu_num'>4. <\/span>Market failure may arise because of<\/p>\n<\/div><input type='hidden' name='question_id[]' value='423' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1875' \/><div class='watu-question-choice'><input type='radio' name='answer-423[]' id='answer-id-1875' class='answer answer-4  answerof-423' value='1875' \/>&nbsp;<label for='answer-id-1875' id='answer-label-1875' class=' answer label-4'><span class='answer'>imperfect competition<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1876' \/><div class='watu-question-choice'><input type='radio' name='answer-423[]' id='answer-id-1876' class='answer answer-4  answerof-423' value='1876' \/>&nbsp;<label for='answer-id-1876' id='answer-label-1876' class=' answer label-4'><span class='answer'>taxation and externalities<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1877' \/><div class='watu-question-choice'><input type='radio' name='answer-423[]' id='answer-id-1877' class='answer answer-4  answerof-423' value='1877' \/>&nbsp;<label for='answer-id-1877' id='answer-label-1877' class=' answer label-4'><span class='answer'>missing markets<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1878' \/><div class='watu-question-choice'><input type='radio' name='answer-423[]' id='answer-id-1878' class='answer answer-4  answerof-423' value='1878' \/>&nbsp;<label for='answer-id-1878' id='answer-label-1878' class=' answer label-4'><span class='answer'>all of the above<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType4' value='radio' class=''><\/div><div class='watu-question' id='question-5'><div class='question-content'><p><span class='watu_num'>5. <\/span>A good example of a public good is ___________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='427' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1891' \/><div class='watu-question-choice'><input type='radio' name='answer-427[]' id='answer-id-1891' class='answer answer-5  answerof-427' value='1891' \/>&nbsp;<label for='answer-id-1891' id='answer-label-1891' class=' answer label-5'><span class='answer'>public transport<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1892' \/><div class='watu-question-choice'><input type='radio' name='answer-427[]' id='answer-id-1892' class='answer answer-5  answerof-427' value='1892' \/>&nbsp;<label for='answer-id-1892' id='answer-label-1892' class=' answer label-5'><span class='answer'>the national health service<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1893' \/><div class='watu-question-choice'><input type='radio' name='answer-427[]' id='answer-id-1893' class='answer answer-5  answerof-427' value='1893' \/>&nbsp;<label for='answer-id-1893' id='answer-label-1893' class=' answer label-5'><span class='answer'>national defense<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1894' \/><div class='watu-question-choice'><input type='radio' name='answer-427[]' id='answer-id-1894' class='answer answer-5  answerof-427' value='1894' \/>&nbsp;<label for='answer-id-1894' id='answer-label-1894' class=' answer label-5'><span class='answer'>rail transport<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType5' value='radio' class=''><\/div><div class='watu-question' id='question-6'><div class='question-content'><p><span class='watu_num'>6. <\/span>If two firms doing the same thing in the same industry join together, this is known\u00a0as a ____________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='442' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1955' \/><div class='watu-question-choice'><input type='radio' name='answer-442[]' id='answer-id-1955' class='answer answer-6  answerof-442' value='1955' \/>&nbsp;<label for='answer-id-1955' id='answer-label-1955' class=' answer label-6'><span class='answer'>vertical merger<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1956' \/><div class='watu-question-choice'><input type='radio' name='answer-442[]' id='answer-id-1956' class='answer answer-6  answerof-442' value='1956' \/>&nbsp;<label for='answer-id-1956' id='answer-label-1956' class=' answer label-6'><span class='answer'>horizontal merger<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1957' \/><div class='watu-question-choice'><input type='radio' name='answer-442[]' id='answer-id-1957' class='answer answer-6  answerof-442' value='1957' \/>&nbsp;<label for='answer-id-1957' id='answer-label-1957' class=' answer label-6'><span class='answer'>conglomerate merger<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1958' \/><div class='watu-question-choice'><input type='radio' name='answer-442[]' id='answer-id-1958' class='answer answer-6  answerof-442' value='1958' \/>&nbsp;<label for='answer-id-1958' id='answer-label-1958' class=' answer label-6'><span class='answer'>hostile takeover<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType6' value='radio' class=''><\/div><div class='watu-question' id='question-7'><div class='question-content'><p><span class='watu_num'>7. <\/span>If the consumption of a good by one person does not reduce the quantity available\u00a0by others and nobody can be easily excluded from consumption, we are referring to a<\/p>\n<\/div><input type='hidden' name='question_id[]' value='432' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1911' \/><div class='watu-question-choice'><input type='radio' name='answer-432[]' id='answer-id-1911' class='answer answer-7  answerof-432' value='1911' \/>&nbsp;<label for='answer-id-1911' id='answer-label-1911' class=' answer label-7'><span class='answer'>private good<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1912' \/><div class='watu-question-choice'><input type='radio' name='answer-432[]' id='answer-id-1912' class='answer answer-7  answerof-432' value='1912' \/>&nbsp;<label for='answer-id-1912' id='answer-label-1912' class=' answer label-7'><span class='answer'>merit good<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1913' \/><div class='watu-question-choice'><input type='radio' name='answer-432[]' id='answer-id-1913' class='answer answer-7  answerof-432' value='1913' \/>&nbsp;<label for='answer-id-1913' id='answer-label-1913' class=' answer label-7'><span class='answer'>public good<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1914' \/><div class='watu-question-choice'><input type='radio' name='answer-432[]' id='answer-id-1914' class='answer answer-7  answerof-432' value='1914' \/>&nbsp;<label for='answer-id-1914' id='answer-label-1914' class=' answer label-7'><span class='answer'>abundant good<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType7' value='radio' class=''><\/div><div class='watu-question' id='question-8'><div class='question-content'><p><span class='watu_num'>8. <\/span>In the UK, merger can be referred to the Competition Commission if they create a\u00a0firm with ___________ of the market<\/p>\n<\/div><input type='hidden' name='question_id[]' value='443' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1959' \/><div class='watu-question-choice'><input type='radio' name='answer-443[]' id='answer-id-1959' class='answer answer-8  answerof-443' value='1959' \/>&nbsp;<label for='answer-id-1959' id='answer-label-1959' class=' answer label-8'><span class='answer'>15%<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1960' \/><div class='watu-question-choice'><input type='radio' name='answer-443[]' id='answer-id-1960' class='answer answer-8  answerof-443' value='1960' \/>&nbsp;<label for='answer-id-1960' id='answer-label-1960' class=' answer label-8'><span class='answer'>20%<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1961' \/><div class='watu-question-choice'><input type='radio' name='answer-443[]' id='answer-id-1961' class='answer answer-8  answerof-443' value='1961' \/>&nbsp;<label for='answer-id-1961' id='answer-label-1961' class=' answer label-8'><span class='answer'>25%<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1962' \/><div class='watu-question-choice'><input type='radio' name='answer-443[]' id='answer-id-1962' class='answer answer-8  answerof-443' value='1962' \/>&nbsp;<label for='answer-id-1962' id='answer-label-1962' class=' answer label-8'><span class='answer'>30%<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType8' value='radio' class=''><\/div><div class='watu-question' id='question-9'><div class='question-content'><p><span class='watu_num'>9. <\/span>Taxes create a wedge between the sales price and purchase price that prevents the\u00a0price system equating _________ and ____________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='437' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1931' \/><div class='watu-question-choice'><input type='radio' name='answer-437[]' id='answer-id-1931' class='answer answer-9  answerof-437' value='1931' \/>&nbsp;<label for='answer-id-1931' id='answer-label-1931' class=' answer label-9'><span class='answer'>marginal costs, marginal benefits<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1932' \/><div class='watu-question-choice'><input type='radio' name='answer-437[]' id='answer-id-1932' class='answer answer-9  answerof-437' value='1932' \/>&nbsp;<label for='answer-id-1932' id='answer-label-1932' class=' answer label-9'><span class='answer'>demand, supply<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1933' \/><div class='watu-question-choice'><input type='radio' name='answer-437[]' id='answer-id-1933' class='answer answer-9  answerof-437' value='1933' \/>&nbsp;<label for='answer-id-1933' id='answer-label-1933' class=' answer label-9'><span class='answer'>marginal cost, marginal revenue<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1934' \/><div class='watu-question-choice'><input type='radio' name='answer-437[]' id='answer-id-1934' class='answer answer-9  answerof-437' value='1934' \/>&nbsp;<label for='answer-id-1934' id='answer-label-1934' class=' answer label-9'><span class='answer'>marginal cost, average cost<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType9' value='radio' class=''><\/div><div class='watu-question' id='question-10'><div class='question-content'><p><span class='watu_num'>10. <\/span>The effect of a tax to offset a negative externality will be to ___________ price\u00a0and ____________ quantity<\/p>\n<\/div><input type='hidden' name='question_id[]' value='438' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1939' \/><div class='watu-question-choice'><input type='radio' name='answer-438[]' id='answer-id-1939' class='answer answer-10  answerof-438' value='1939' \/>&nbsp;<label for='answer-id-1939' id='answer-label-1939' class=' answer label-10'><span class='answer'>reduce, reduce<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1940' \/><div class='watu-question-choice'><input type='radio' name='answer-438[]' id='answer-id-1940' class='answer answer-10  answerof-438' value='1940' \/>&nbsp;<label for='answer-id-1940' id='answer-label-1940' class=' answer label-10'><span class='answer'>increase, increase<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1941' \/><div class='watu-question-choice'><input type='radio' name='answer-438[]' id='answer-id-1941' class='answer answer-10  answerof-438' value='1941' \/>&nbsp;<label for='answer-id-1941' id='answer-label-1941' class=' answer label-10'><span class='answer'>increase, reduce<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1942' \/><div class='watu-question-choice'><input type='radio' name='answer-438[]' id='answer-id-1942' class='answer answer-10  answerof-438' value='1942' \/>&nbsp;<label for='answer-id-1942' id='answer-label-1942' class=' answer label-10'><span class='answer'>reduce, increase<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType10' value='radio' class=''><\/div><div class='watu-question' id='question-11'><div class='question-content'><p><span class='watu_num'>11. <\/span>A competitive equilibrium is Pareto-efficient because<\/p>\n<\/div><input type='hidden' name='question_id[]' value='416' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1846' \/><div class='watu-question-choice'><input type='radio' name='answer-416[]' id='answer-id-1846' class='answer answer-11  answerof-416' value='1846' \/>&nbsp;<label for='answer-id-1846' id='answer-label-1846' class=' answer label-11'><span class='answer'>producers are price taker<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1847' \/><div class='watu-question-choice'><input type='radio' name='answer-416[]' id='answer-id-1847' class='answer answer-11  answerof-416' value='1847' \/>&nbsp;<label for='answer-id-1847' id='answer-label-1847' class=' answer label-11'><span class='answer'>consumers and producers face the same prices<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1848' \/><div class='watu-question-choice'><input type='radio' name='answer-416[]' id='answer-id-1848' class='answer answer-11  answerof-416' value='1848' \/>&nbsp;<label for='answer-id-1848' id='answer-label-1848' class=' answer label-11'><span class='answer'>marginal costs and benefits are equal<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1849' \/><div class='watu-question-choice'><input type='radio' name='answer-416[]' id='answer-id-1849' class='answer answer-11  answerof-416' value='1849' \/>&nbsp;<label for='answer-id-1849' id='answer-label-1849' class=' answer label-11'><span class='answer'>prices equal marginal cost and benefit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1850' \/><div class='watu-question-choice'><input type='radio' name='answer-416[]' id='answer-id-1850' class='answer answer-11  answerof-416' value='1850' \/>&nbsp;<label for='answer-id-1850' id='answer-label-1850' class=' answer label-11'><span class='answer'>all of the above<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType11' value='radio' class=''><\/div><div class='watu-question' id='question-12'><div class='question-content'><p><span class='watu_num'>12. <\/span>If my neighbor burns garden waste causing my house to fill with smoke this is an\u00a0example of _______________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='419' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1859' \/><div class='watu-question-choice'><input type='radio' name='answer-419[]' id='answer-id-1859' class='answer answer-12  answerof-419' value='1859' \/>&nbsp;<label for='answer-id-1859' id='answer-label-1859' class=' answer label-12'><span class='answer'>a production externality<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1860' \/><div class='watu-question-choice'><input type='radio' name='answer-419[]' id='answer-id-1860' class='answer answer-12  answerof-419' value='1860' \/>&nbsp;<label for='answer-id-1860' id='answer-label-1860' class=' answer label-12'><span class='answer'>a second-best solution<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1861' \/><div class='watu-question-choice'><input type='radio' name='answer-419[]' id='answer-id-1861' class='answer answer-12  answerof-419' value='1861' \/>&nbsp;<label for='answer-id-1861' id='answer-label-1861' class=' answer label-12'><span class='answer'>transaction costs<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1862' \/><div class='watu-question-choice'><input type='radio' name='answer-419[]' id='answer-id-1862' class='answer answer-12  answerof-419' value='1862' \/>&nbsp;<label for='answer-id-1862' id='answer-label-1862' class=' answer label-12'><span class='answer'>a consumption externality<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType12' value='radio' class=''><\/div><div class='watu-question' id='question-13'><div class='question-content'><p><span class='watu_num'>13. <\/span>An allocation is Pareto-efficient if no reallocation of resources would make some\u00a0people ____________ without making others ______________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='411' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1826' \/><div class='watu-question-choice'><input type='radio' name='answer-411[]' id='answer-id-1826' class='answer answer-13  answerof-411' value='1826' \/>&nbsp;<label for='answer-id-1826' id='answer-label-1826' class=' answer label-13'><span class='answer'>worse off, worse off<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1827' \/><div class='watu-question-choice'><input type='radio' name='answer-411[]' id='answer-id-1827' class='answer answer-13  answerof-411' value='1827' \/>&nbsp;<label for='answer-id-1827' id='answer-label-1827' class=' answer label-13'><span class='answer'>better off, better off<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1828' \/><div class='watu-question-choice'><input type='radio' name='answer-411[]' id='answer-id-1828' class='answer answer-13  answerof-411' value='1828' \/>&nbsp;<label for='answer-id-1828' id='answer-label-1828' class=' answer label-13'><span class='answer'>better off, worse off<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1829' \/><div class='watu-question-choice'><input type='radio' name='answer-411[]' id='answer-id-1829' class='answer answer-13  answerof-411' value='1829' \/>&nbsp;<label for='answer-id-1829' id='answer-label-1829' class=' answer label-13'><span class='answer'>equal, unequal<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType13' value='radio' class=''><\/div><div class='watu-question' id='question-14'><div class='question-content'><p><span class='watu_num'>14. <\/span>Moral hazard means that the act of insuring _____________that the desired\u00a0outcome will occur<\/p>\n<\/div><input type='hidden' name='question_id[]' value='410' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1822' \/><div class='watu-question-choice'><input type='radio' name='answer-410[]' id='answer-id-1822' class='answer answer-14  answerof-410' value='1822' \/>&nbsp;<label for='answer-id-1822' id='answer-label-1822' class=' answer label-14'><span class='answer'>reduces the likelihood<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1823' \/><div class='watu-question-choice'><input type='radio' name='answer-410[]' id='answer-id-1823' class='answer answer-14  answerof-410' value='1823' \/>&nbsp;<label for='answer-id-1823' id='answer-label-1823' class=' answer label-14'><span class='answer'>increases the likelihood<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1824' \/><div class='watu-question-choice'><input type='radio' name='answer-410[]' id='answer-id-1824' class='answer answer-14  answerof-410' value='1824' \/>&nbsp;<label for='answer-id-1824' id='answer-label-1824' class=' answer label-14'><span class='answer'>guarantees<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1825' \/><div class='watu-question-choice'><input type='radio' name='answer-410[]' id='answer-id-1825' class='answer answer-14  answerof-410' value='1825' \/>&nbsp;<label for='answer-id-1825' id='answer-label-1825' class=' answer label-14'><span class='answer'>none of the above<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType14' value='radio' class=''><\/div><div class='watu-question' id='question-15'><div class='question-content'><p><span class='watu_num'>15. <\/span>Satellite television subscription and television detection devices are ways in which\u00a0broadcasting companies address the ____________ problem<\/p>\n<\/div><input type='hidden' name='question_id[]' value='433' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1915' \/><div class='watu-question-choice'><input type='radio' name='answer-433[]' id='answer-id-1915' class='answer answer-15  answerof-433' value='1915' \/>&nbsp;<label for='answer-id-1915' id='answer-label-1915' class=' answer label-15'><span class='answer'>externality<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1916' \/><div class='watu-question-choice'><input type='radio' name='answer-433[]' id='answer-id-1916' class='answer answer-15  answerof-433' value='1916' \/>&nbsp;<label for='answer-id-1916' id='answer-label-1916' class=' answer label-15'><span class='answer'>market imperfection<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1917' \/><div class='watu-question-choice'><input type='radio' name='answer-433[]' id='answer-id-1917' class='answer answer-15  answerof-433' value='1917' \/>&nbsp;<label for='answer-id-1917' id='answer-label-1917' class=' answer label-15'><span class='answer'>deadweight burden<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1918' \/><div class='watu-question-choice'><input type='radio' name='answer-433[]' id='answer-id-1918' class='answer answer-15  answerof-433' value='1918' \/>&nbsp;<label for='answer-id-1918' id='answer-label-1918' class=' answer label-15'><span class='answer'>free-rider<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType15' value='radio' class=''><\/div><div class='watu-question' id='question-16'><div class='question-content'><p><span class='watu_num'>16. <\/span>Except for taxes to offset ____________, taxes are _____________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='435' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1923' \/><div class='watu-question-choice'><input type='radio' name='answer-435[]' id='answer-id-1923' class='answer answer-16  answerof-435' value='1923' \/>&nbsp;<label for='answer-id-1923' id='answer-label-1923' class=' answer label-16'><span class='answer'>imperfect competition, popular<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1924' \/><div class='watu-question-choice'><input type='radio' name='answer-435[]' id='answer-id-1924' class='answer answer-16  answerof-435' value='1924' \/>&nbsp;<label for='answer-id-1924' id='answer-label-1924' class=' answer label-16'><span class='answer'>externalities, distortionary<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1925' \/><div class='watu-question-choice'><input type='radio' name='answer-435[]' id='answer-id-1925' class='answer answer-16  answerof-435' value='1925' \/>&nbsp;<label for='answer-id-1925' id='answer-label-1925' class=' answer label-16'><span class='answer'>inequality, a first best option<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1926' \/><div class='watu-question-choice'><input type='radio' name='answer-435[]' id='answer-id-1926' class='answer answer-16  answerof-435' value='1926' \/>&nbsp;<label for='answer-id-1926' id='answer-label-1926' class=' answer label-16'><span class='answer'>poor health, unnecessary<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType16' value='radio' class=''><\/div><div class='watu-question' id='question-17'><div class='question-content'><p><span class='watu_num'>17. <\/span>Externalities arise because there is a divergence between __________ and\u00a0___________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='421' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1867' \/><div class='watu-question-choice'><input type='radio' name='answer-421[]' id='answer-id-1867' class='answer answer-17  answerof-421' value='1867' \/>&nbsp;<label for='answer-id-1867' id='answer-label-1867' class=' answer label-17'><span class='answer'>private costs, private benefits<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1868' \/><div class='watu-question-choice'><input type='radio' name='answer-421[]' id='answer-id-1868' class='answer answer-17  answerof-421' value='1868' \/>&nbsp;<label for='answer-id-1868' id='answer-label-1868' class=' answer label-17'><span class='answer'>private costs, social costs or benefits<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1869' \/><div class='watu-question-choice'><input type='radio' name='answer-421[]' id='answer-id-1869' class='answer answer-17  answerof-421' value='1869' \/>&nbsp;<label for='answer-id-1869' id='answer-label-1869' class=' answer label-17'><span class='answer'>social costs, social benefit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1870' \/><div class='watu-question-choice'><input type='radio' name='answer-421[]' id='answer-id-1870' class='answer answer-17  answerof-421' value='1870' \/>&nbsp;<label for='answer-id-1870' id='answer-label-1870' class=' answer label-17'><span class='answer'>insiders, outsiders<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType17' value='radio' class=''><\/div><div class='watu-question' id='question-18'><div class='question-content'><p><span class='watu_num'>18. <\/span>In the insurance industry, high-risk customers are more likely to take out.\u00a0This is an example of<\/p>\n<\/div><input type='hidden' name='question_id[]' value='409' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1818' \/><div class='watu-question-choice'><input type='radio' name='answer-409[]' id='answer-id-1818' class='answer answer-18  answerof-409' value='1818' \/>&nbsp;<label for='answer-id-1818' id='answer-label-1818' class=' answer label-18'><span class='answer'>moral hazard<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1819' \/><div class='watu-question-choice'><input type='radio' name='answer-409[]' id='answer-id-1819' class='answer answer-18  answerof-409' value='1819' \/>&nbsp;<label for='answer-id-1819' id='answer-label-1819' class=' answer label-18'><span class='answer'>risk aversion<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1820' \/><div class='watu-question-choice'><input type='radio' name='answer-409[]' id='answer-id-1820' class='answer answer-18  answerof-409' value='1820' \/>&nbsp;<label for='answer-id-1820' id='answer-label-1820' class=' answer label-18'><span class='answer'>adverse selection<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1821' \/><div class='watu-question-choice'><input type='radio' name='answer-409[]' id='answer-id-1821' class='answer answer-18  answerof-409' value='1821' \/>&nbsp;<label for='answer-id-1821' id='answer-label-1821' class=' answer label-18'><span class='answer'>a poor gamble<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType18' value='radio' class=''><\/div><div class='watu-question' id='question-19'><div class='question-content'><p><span class='watu_num'>19. <\/span>The problem posed by a natural monopoly is that it faces a __________. This\u00a0means that ____________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='445' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1967' \/><div class='watu-question-choice'><input type='radio' name='answer-445[]' id='answer-id-1967' class='answer answer-19  answerof-445' value='1967' \/>&nbsp;<label for='answer-id-1967' id='answer-label-1967' class=' answer label-19'><span class='answer'>increasing average cost curve, marginal cost lies above average cost<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1968' \/><div class='watu-question-choice'><input type='radio' name='answer-445[]' id='answer-id-1968' class='answer answer-19  answerof-445' value='1968' \/>&nbsp;<label for='answer-id-1968' id='answer-label-1968' class=' answer label-19'><span class='answer'>increasing average cost curve, marginal cost lies below average cost<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1969' \/><div class='watu-question-choice'><input type='radio' name='answer-445[]' id='answer-id-1969' class='answer answer-19  answerof-445' value='1969' \/>&nbsp;<label for='answer-id-1969' id='answer-label-1969' class=' answer label-19'><span class='answer'>decreasing average cost curve, marginal cost lies above average cost<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1970' \/><div class='watu-question-choice'><input type='radio' name='answer-445[]' id='answer-id-1970' class='answer answer-19  answerof-445' value='1970' \/>&nbsp;<label for='answer-id-1970' id='answer-label-1970' class=' answer label-19'><span class='answer'>decreasing average cost curve, marginal cost lies below average cost<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType19' value='radio' class=''><\/div><div class='watu-question' id='question-20'><div class='question-content'><p><span class='watu_num'>20. <\/span>The allocation of resources is not efficient if ____________<\/p>\n<\/div><input type='hidden' name='question_id[]' value='418' \/><div class='watu-questions-wrap '><input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1855' \/><div class='watu-question-choice'><input type='radio' name='answer-418[]' id='answer-id-1855' class='answer answer-20  answerof-418' value='1855' \/>&nbsp;<label for='answer-id-1855' id='answer-label-1855' class=' answer label-20'><span class='answer'>the marginal cost of production does not equal society&#8217;s marginal benefit<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1856' \/><div class='watu-question-choice'><input type='radio' name='answer-418[]' id='answer-id-1856' class='answer answer-20  answerof-418' value='1856' \/>&nbsp;<label for='answer-id-1856' id='answer-label-1856' class=' answer label-20'><span class='answer'>the distribution is inequitable<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1857' \/><div class='watu-question-choice'><input type='radio' name='answer-418[]' id='answer-id-1857' class='answer answer-20  answerof-418' value='1857' \/>&nbsp;<label for='answer-id-1857' id='answer-label-1857' class=' answer label-20'><span class='answer'>economic growth is low<\/span><\/label><\/div>\n<input type='hidden' name='answer_ids[]' class='watu-answer-ids' value='1858' \/><div class='watu-question-choice'><input type='radio' name='answer-418[]' id='answer-id-1858' class='answer answer-20  answerof-418' value='1858' \/>&nbsp;<label for='answer-id-1858' id='answer-label-1858' class=' answer label-20'><span class='answer'>unemployment is high<\/span><\/label><\/div>\n<\/div><input type='hidden' id='questionType20' value='radio' class=''><\/div><div style='display:none' id='question-21'><br \/><div class='question-content'><img 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