Externalities, merit and demerit goods and public, quasi public and private goods

1. Merit goods and demerit goods are both examples of ? (4)
4. If the market does NOT take negative externalities into account the result is that the socially efficient output is ______ than the current output. (4)
5. Education and health are examples are? (5, 5)
6. As a result of positive externalities, the socially efficient output is _____ than the current output. (7)
10. Public goods - it is difficult, if not impossible, to _____ for them directly. (6)

2. Goods having some but not all of the characteristics of a public good (5, 6, 4)
3. Both excludable and rival (7, 4)
7. Demerit goods, have ______ externalities arising out of their use (8)
8. Negative externalities create _________. (8, 5)
9. Merit goods tend to have ________ externalities associated with their consumption (8)

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