Multiple choice:

2022.tle.courses.open.uwi.edu ECON1000 | $1 22/23: Group Assignment - PART I (20%) Group Assignment - PART I (20%) (page 1 of 4) The Learning Exchange 2022 ECON1000 - Principles of Economics 1 (GAC) | S1 22/23 Time left Quiz navigation Question 1 2 5 6 Question 1 3 4 7 Not yet answered SCENARIO: Greater consumption of alcohol leads to more motor vehicle accidents and, thus, imposes costs on people 10 who do not drink and drive. Marked out of 7.00 (1) The type of market failure represented by the scenario is a/a V Finish attempt ... Flag negative externality question public good (2) The market fails in this scenario because asymmetric information positive externality (3) Solution to the market failure is (4) The equilibrium quantity is the socially efficient quantity. (5) The private benefit curve is (6) The private cost curve is (7) The Efficient output is found where the Next page2022.tle.courses.open.uwi.edu ECON1000 | $1 22/23: Group Assignment - PART I (20%) Group Assignment - PART I (20%) (page 1 of 4) The Learning Exchange 2022 ECON1000 - Principles of Economics 1 (GAC) | S1 22/23 Time left Quiz navigation Question 1 2 3 4 5 6 Question 1 7 Not yet 10 answered SCENARIO: Greater consumption of alcohol leads to more motor vehicle accidents and, thus, imposes costs on people who do not drink and drive. Marked out of 7.00 (1) The type of market failure represented by the scenario is a/an Finish attempt ... Flag question (2) The market fails in this scenario becaus v no market transaction takes place goods are under consumed (3) Solution to the market failure is goods are over consumed no private provision (4) The equilibrium quantity is the socially efficient quantity. (5) The private benefit curve is (6) The private cost curve is (7) The Efficient output is found where the Next page2022.tle.courses.open.uwi.edu ECON1000 | $1 22/23: Group Assignment - PART I (20%) Group Assignment - PART I (20%) (page 1 of 4) The Learning Exchange 2022 ECON1000 - Principles of Economics 1 (GAC) | S1 22/23 Time left Quiz navigation Question 1 2 3 4 5 6 Question 1 7 Not yet SCENARIO: Greater consumption of alcohol leads to more motor vehicle accidents and, thus, imposes costs on people 10 answered who do not drink and drive. Marked out of 7.00 (1) The type of market failure represented by the scenario is a/an Finish attempt ... Flag question (2) The market fails in this scenario because (3) Solution to the market failure v subsidy government provision (4) The equilibrium quantity is taxation efficient quantity. screening (5) The private benefit curve is signalling (6) The private cost curve is (7) The Efficient output is found where the as of Economics 1 (GAC) |51 22/23 Next page2022.tle.courses.open.uwi.edu ECON1000 | $1 22/23: Group Assignment - PART I (20%) Group Assignment - PART I (20%) (page 1 of 4) The Learning Exchange 2022 ECON1000 - Principles of Economics 1 (GAC) | S1 22/23 Time left Quiz navigation Question 1 2 Question 1 3 4 5 6 7 Not yet 10 answered SCENARIO: Greater consumption of alcohol leads to more motor vehicle accidents and, thus, imposes costs on people who do not drink and drive. Marked out of 7.00 (1) The type of market failure represented by the scenario is a/an Finish attempt ... Flag question (2) The market fails in this scenario because (3) Solution to the market failure is (4) The equilibrium quantity is the socially efficient quantity. (5) The private benefit curve shifts outward to the social benefit curve (6) The private cost curve is shifts inward to the social benefit curve remains unchanged (7) The Efficient output is found where the CON1000 - Principles of Economics 1 (GAC) |51 22123 Next page2022.tle.courses.open.uwi.edu ECON1000 | $1 22/23: Group Assignment - PART I (20%) Group Assignment - PART I (20%) (page 1 of 4) The Learning Exchange 2022 ECON1000 - Principles of Economics 1 (GAC) | S1 22/23 Time left Quiz navigation Question 1 2 3 4 5 6 Question 1 7 Not yet SCENARIO: Greater consumption of alcohol leads to more motor vehicle accidents and, thus, imposes costs on people 10 answered who do not drink and drive. Marked out of 7.00 (1) The type of market failure represented by the scenario is a/an Finish attempt ... Flag question (2) The market fails in this scenario because (3) Solution to the market failure is (4) The equilibrium quantity is the socially efficient quantity. (5) The private benefit curve is (6) The private cost curvei V shifts outward to the social cost curve (7) The Efficient output is f shifts inward to the social cost curve + remains unchanged as of Economics 1 (GAC) | 51 22/23 Next page