Satellite television subscription and television detection devices are ways in which broadcasting companies address the ________ problem?

A good example of a public good is ?

A. public transport

B. the national health service

C. national defence

D. rail transport

Market failure may arise because of ?

A. imperfect competition

B. taxation

C. externalities

D. missing markets

E. all of the above

If my neighbour burns garden waste causing my house to fill with smoke this is an example of ?

A. a production externality

B. a second-best solution

C. transaction costs

D. a consumption externality

A competitive equilibrium is Pareto-efficient because ?

A. Producers are price takers

B. consumers and producers face the same prices

C. marginal costs and benefits are equal

D. prices equal marginal cost and benefit

E. All of the above

In the insurance industry, high-risk customers are more likely to take out insurance. This is an example of ?

A. moral hazard

B. risk aversion

C. adverse selection

D. a poor gamble