QUESTION 1SCENARIO: 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/anNegative externalityPublic goodAsymmetric informationPositive externality The market fails in this scenario because:No market transaction takes placeGoods are under producedGoods are over producedNo private position Solution to the market failure isSubsidyGovernment provisionTaxationScreeningSignaling The equilibrium quantity is ______________ the social efficient quantity.Greater thanLest thanEqual to The private benefit curve isShifts outward to the social benefit curveShifts inward to the social benefit curveRemains unchanged The private cost curve isShifts outward to the social benefit curveShifts inward to the social benefit curveRemains unchanged The Efficient output is found where theSocial cost and the social benefit curve intersectprivate cost and the social benefit curve intersectprivate cost and the private benefit curve intersectSocial cost and the private benefit curve intersect Question 2Please enter only the numbers (no commas, dollar signs etc.) in spaces providedWe 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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Answered: The type of market failure represented…

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter10: Externalities

Section: Chapter Questions

Problem 3PA

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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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