Chapter 5 Quiz
Chapter 5 Quiz
Market
A. Deregulation
B. Protectionism
C. Free market principles
D. Public sector efficiency
Answer: C. Free market principles
A. Reformists
B. Radicals
C. Neo-Liberalism
D. Revised Orthodoxy
Answer: B. Radicals
A. Reformists
B. Radicals
C. Neo-Liberalism
D. Revised Orthodoxy
Answer: A. Reformists
A. Deregulation
B. Free trade
C. Privatization
D. Expansion of welfare programs
Answer: D. Expansion of welfare programs
10. Revised orthodoxy suggests that public institutions should focus on:
11. According to modern heterodoxy, the role of the state in the market is to:
A. Welfare expansion
B. Environmental protection
C. Deregulation of financial markets
D. Infrastructure investment
Answer: C. Deregulation of financial markets
A. Enhancing efficiency
B. Addressing social equity
C. Generating profit
D. Expanding global trade
Answer: B. Addressing social equity
19. Is meant to identify an optimal state where costs and prices are at their lowest possible levels.
A. Market Failure
B. Monopoly
C. Allocative efficiency
D. Externality
Answer: C. Allocative efficiency
A. State efficiency
B. Social equality
C. Increased inequality and poverty
D. Improved environmental outcomes
Answer: C. Increased inequality and poverty
23. Describes the situation where the market cannot be relied on to provide the most efficient and
appropriate allocation of goods and services.
A. Market Failure
B. Risk pooling
C. Allocative efficiency
D. Externality
Answer: A. Market failure
A. State-run enterprises
B. Reducing public sector control over industries
C. Expanding government services
D. Increasing state regulation
Answer: B. Reducing public sector control over industries
25. Revised orthodoxy incorporates a more active role for the state in:
30. An example of a ____________________ is the effect on the society from industrial pollution.
A. Externalities
B. Positive Externality
C. Negative Externality
D. Regionalism
Answer: C. Negative Externality