I'm not sure about 5 and 6.
Your other answers are right.
1. Which of the following is the best example of a public good?
A. Highway system
B. Shopping mall
C. Country club
D. Movie theater
2. Which of the following is a characteristic of a public good?
A. the private sector could provide it more efficiently
B. it's benefits are greater for government than society
C. it is shared by the public but is provided by the government
D. taxpayers demand that the government provide it
3. Something is generally considered to be a public good if
A. the private sector could provide the service more efficiently
B. the benefits of the good are greater for government than for society
C. the total benefits to society are greater than the total financial costs
D. taxpayers demand that the government provide the service
4. Markets sometimes have shortcomings that governments try to correct by intervening in the economy. Which of the following best describes the outcome of government intervention?
A. government nearly always corrects the shortcoming and improves the economy
B. government hardly ever correct the shortcoming and usually end up making things worse
C. government policies may solve some problems, but not necessarily. Government policies have shortcomings too
D. government can't correct the market's shortcomings. The market always provides the best answer to economic answers
5. An external cost is
A. a cost paid by someone other than the decision-maker who incurred it
B. a cost paid by consumers for the costs associated with government regulations
C. a cost paid by government to cover the costs of providing public services
D. a cost paid by either federal or state legislators to discourage unfair trade laws
6. Which of the following best illustrates the concept of an external cost?
A. a business charges customers extras to cover the cost of regulatory compliance
B. a wholesale outlet is charged higher insurance costs because of the store's location
C. a factory pours toxic waste into a nearby stream, causing harm to a nearby town
D. a consumer returns merchandise to a retail store, claiming the goods were defective
7. Sally sold seashells down by the seashore. Sally's supplier sold Sally some phony seashells. Sally's supplier said "Sorry", but refused to refund her the money she paid for the seashells. What role of government would allow Sally to take care of this problem?
A. regulate competition
B. correct for externalities
C. provide a legal structure for commercial disputes
D. provide public goods
1. A
2. C
3. C
4. C
5. B
6. C
7. C
I could use some help trying to figure out if these are right or not
3 answers
I think 5 would be A because an external cost will affect a third party, so someone else than who made the decision in the first place.
7. A