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Economic Chapter 3 Test
Created by jrogers
- 1. public transfer payment
- 2. market failure
- 3. public goods
- 4. transfer payment
- 5. free rider
- 6. safety net
- 7. infrastructure
- a. a person who avoids paying for a good or service but who benefits from that good or service anyway
- b. occurs when people who are nt part of the marketplace interaction benefit from it or pay part of its cost
- c. conisits of government programs designed to protect people from econmic hardship
- d. a transfer paymnet in which the government transfers income from taxpayers to reciepeint who do not provide anything in return
- e. transfers of income from one person or group to another even though the receiver does not provide anything in return
- f. products provided by ferderal, state and local government and consumered by the public as a group
- g. consist of all the goods and services that are necessary for the functioning of society
Name: ___________________________________
Date: ___________________________________
Date: ___________________________________
Economic Chapter 3 Test (Answer Key)
Created by jrogers
- d 1. public transfer payment
- b 2. market failure
- f 3. public goods
- e 4. transfer payment
- a 5. free rider
- c 6. safety net
- g 7. infrastructure
- a. a person who avoids paying for a good or service but who benefits from that good or service anyway
- b. occurs when people who are nt part of the marketplace interaction benefit from it or pay part of its cost
- c. conisits of government programs designed to protect people from econmic hardship
- d. a transfer paymnet in which the government transfers income from taxpayers to reciepeint who do not provide anything in return
- e. transfers of income from one person or group to another even though the receiver does not provide anything in return
- f. products provided by ferderal, state and local government and consumered by the public as a group
- g. consist of all the goods and services that are necessary for the functioning of society
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