The type of market failure represented by the scenario is a/an Negative externality Public good Asymmetric information Positive externality The market fails in this scenario because: No market transaction takes place Goods are under produced Goods are over produced No private position Solution to the market failure is Subsidy Government provision Taxation Screening Signaling The equilibrium quantity is ______________ the social efficient quantity. Greater than Lest than Equal to The private benefit curve is Shifts outward to the social benefit curve Shifts inward to the social benefit curve Remains unchanged The private cost curve is Shifts outward to the social benefit curve Shifts inward to the social benefit curve Remains unchanged The Efficient output is found where the Social cost and the social benefit curve intersect private cost and the social benefit curve intersect private cost and the private benefit curve intersect Social cost and the private benefit curve intersect
QUESTION 1
SCENARIO: Developers of a new housing scheme spend money in the roads, lighting and clearing land surrounding the scheme.
- The type of market failure represented by the scenario is a/an
- Negative externality
- Public good
- Asymmetric information
- Positive externality
- The market fails in this scenario because:
- No market transaction takes place
- Goods are under produced
- Goods are over produced
- No private position
- Solution to the market failure is
- Subsidy
- Government provision
Taxation - Screening
- Signaling
- The
equilibrium quantity is ______________ the social efficient quantity.
- Greater than
- Lest than
- Equal to
- The private benefit curve is
- Shifts outward to the social benefit curve
- Shifts inward to the social benefit curve
- Remains unchanged
- The private cost curve is
- Shifts outward to the social benefit curve
- Shifts inward to the social benefit curve
- Remains unchanged
- The Efficient output is found where the
- Social cost and the social benefit curve intersect
- private cost and the social benefit curve intersect
- private cost and the private benefit curve intersect
- Social cost and the private benefit curve intersect
Question 2
Please enter only the numbers (no commas, dollar signs etc.) in spaces provided
We are given the following information for UWI Land. At the start of the period, there are 334,250 employed workers, 15,750 unemployed and 150000, not in the labour force. During the period 500 workers lost their jobs but are currently looking for a new one; 1000 employed workers decided to retire; 2500 were unemployed but just started a new job. Of the workers not in the labour force 5000 workers entered the labour force but are still looking for a job and 211000 workers just found a job.
- How many workers are employed? _______
- How many workers are unemployed ? _______
- How many workers were in the labour force ? ________
- How many workers were not in the labour force? _______
- Calculate the
unemployment rate. _______% - Calculate the labour force participation rate. _______%
- Calculate the employment to the population ratio. (Using 1 decimal place ______%
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