Jeopardy Answers - Chapter 100-1




DIRECTIONS: As in the popular TV game show, you are given an answer to a question and you must respond with the question. For example, if the answer is, "a tax on imports", then the correct question is, "What is a tariff?"
  1. term used to describe the favorable effect effect that a production activity can have in another market.
  2. term used to describe the detrimental effect that a consumption activity can have towards another person.
  3. the two characteristics that identify "public goods".
  4. term used to describe the type of distortion that occurs when governments implement taxes, subsidies or regulations in otherwise perfectly competitive markets.
  5. term used to describe an equilibrium that arises in the presence of market imperfections and distortions.
  6. term used to descrbe a policy action that can raise economic efficiency to the greatest extent possible.
  7. term used to describe firms in less developed countries that have little chance of competing with the established firms located in the developed countries.
  8. type of comparative advantage that is not present in the short run but which develops in the long run.
  9. the first best policy option for a government that wishes to support an infant industry.
  10. the first-best policy option for a government that faces a foreign monopoly (with constant marginal costs) as the sole firm selling a product in the domestic market.

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Last Updated on 7/4/00