Chapter 10 ALA

#8. A party ends up spreading the coronavirus. Is that an externality? a. Yes, it is a negative externality b. Yes, it is a positive externality c. No, it is not an externality

What are externalities; and how the government can fix it

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Externalities Do you think that there would be external effects associated with Water from a uranium mine leaking into Kakadu National Park? If so, what would be the nature of the external effects? Can you think of policies that might deal with each external effect (that is, improve social wellbeing)?

In response to increasing concern about man made climate change, there have been a number of policy proposals. This includes: Cap and Trade Letting the free-market deal with the issue on its own. Pick one of these proposals. Write a short argument for your policy proposal. Focus specifically on the issues related to market efficiency and externalities. How does your proposal address these issues.

Externalities Application-no credit given for answers based outside of course sources Part 2 (16 pts): Use the graph below to answer the questions on the next slide. Price $120 $80 Seher City D S 0 160 320 Quantity of potatoes 5

Which of the following is an example of an externality? (x) cigarette smoke that permeates an entire restaurant (y) a flu shot that prevents a student from transmitting the virus to her roommate (z) a beautiful flower garden outside of the local post office Select one or more: a. (x), (y) and (z) b. (x) and (y) only c. (x) and (z) only d. (y) and (z) only e. (y) only

Chapter 8 in Tietenberg and Lewis looks at climate change, the most important environmental issue of our time. Economists generally agree that putting a price on carbon is the best approach to reducing climate warming carbon emissions. The two main strategies for doing this are carbon taxes and the cap and trade version of emissions trading. Discuss the pros and cons to these two approaches to pricing carbon. Why do economists favor these kinds of market-based strategies to pollution control over “command and control” approaches such technology standards?

In Unit 5, you are learning about negative externalities and environmental protection. One activity that qualifies for negative externalities is the poaching of animals in several countries throughout the world. You will analyze the topics of negative externalities and environmental protection by completing the learning journal. 1. Choose one of the approaches listed below on protecting elephants from poachers in African countries.   A. The government sets up enormous national parks that have sufficient habitat for elephants to thrive and forbids all local people to enter the parks or to injure either the elephants or their habitat in any way.  B. The government sets up national parks and designates ten villages around the park's edges as official tourist centers that become places where tourists can stay and bases for guided tours inside the national park.  2. Depending on the approach you have chosen (A or B), explain how the incentives will affect the local villagers, who are…

Why do externalities cause market failure? What types of government actions or regulations can be used to correct externalities? How do they work? What is an example of a negative externality and discuss how the government can fix it?

Identify at least one positive and negative externality from running a hamburger shop.  What is one example of how an externality could affect the price of your hamburger?

9. Chapter malper, Section .11, Problem 022 (ID: 022.11.MANK09) The Pennsylvania Turpike is a tolled freeway running through the state of Pennsylvania. Motorists must pay toils at various points along the Turnpike based on the distance they traveled on the freeway. Suppose that despite the tolls, many motorists in the urban areas use the Turnpike causing traffic to slow during peak times. What type of good would the Turnpike be classified as in this case? Ca. Common resource Ob. Private good. Oc. Public good Cd. Club good

Using a diagram, explain how a carbon tax could help reduce pollution.

Need help with this. Remember its all part of a same question.   THank you!

excludability 3. What are the four types of goods? Explain using characteristics such as and rivalry. Bring examples.

Positive externality No externality Negative externality Answer Bank The U.S. government decides to Lyle and Julia from The hing company icago house all of its nuclear waste to Los Angeles with their newborn infant who cries the entire way illegally hunts the Coelacanth, material at Cactus Cliff, WY. As a critically endangered fish that is close to extinction with all nuclear waste, there is no fail-safe protection method Jane raises bees to produce honey Ronald, the first in his family to attend for her business, but her bees also college, graduates from medical school pollinate many flowers in the neighborhood where she lives. and decides to return home to work as a doctor in his old neighborhood.

Identify at least one positive externality from running a donut shop.

Question 1. What is meant by "the market system?"

   Question 2. How is the market system justified?

   Question 3. What, exactly, is "fraud?"

   Quesetion 4. What is an "externality?"   Question 5. What is "market failure?"

How externalities and their impact the economy? explain the negative and the positive externalities and how it affects the market.

If the government subsidizes vaccination against influenza to internalize the externality, should it impose the subsidy on consumers or producers of flu vaccines? How large should the subsidy be? How much less per flu vaccine would patients (i.e., consumers) pay? How much more would manufacturers (i.e., producers) of flu vaccines receive?

Which of the following represents a social benefit? Group of answer choices The satisfaction of eating a strawberry ice cream. The total revenue a company gains from developing a new vaccine. All of the positive externalities from the invention of the laser All of the positive externalities a company receives from the implementation of a new technology that decreases the cost of production.

T5

1. What is market failure? Explain in your own words. 2. Why do markets fail. List two reasons and explain them in your own words. 3. Explain what an external effect (also known as an externality) is in your own words. 4. List four examples of externalities 5. Explain what a social dilemma is and list one example of a current social dilemma.

This graph shows the market for antifreeze. Use it to answer the next questions. 8 6. 1 100 200 300 400 500 600 700 800 900 1000 1100 Quantity Question 8 The production of antifreeze creates pollution. The pollution imposes a cost of $2 per gallon on society. What is the marginal social cost of the 500th gallon of antifreeze? Answer is a whole number; do not include a dollar sign (e.g. 10).

Which of the following are examples of negative externalities? A. Reduced spread of COVID-19 and other infectious diseases from people physically distancing and wearing masks.    B. Unsightly oil rigs offshore from Santa Barbara, diminishing the quality of the view for beachgoers and coastal homeowners.    C. Reduced incidence of the common flu stemming from more people obtaining flu shots during the Fall.    D. Reduced crime rates stemming from rapid economic growth and reduced unemployment.    E. High gas prices caused by rapid demand growth in China.    F. Job losses associated with a factory closure in the United States, because a factory was opened in Mexico to replace it.    G. Noise from traffic on a busy street.    H. Light pollution from cities making it more difficult for observatories to view distant stars.    I. Noise pollution eminating from windmills on the North Shore of Oahu.    J. Pollution emissions from power plants.

85. All of the following would be government solutions to externality problems EXCEPT: a.public sector charities. b.taxes and subsidies. C. command and control. d.tradable allowances. 86. Control of the media does not enable special interest groups to control the government for their own ends. a. True b.False 87. Studying politics doesn't pay because the outcome of any election: a.is mostly determined by what other people do, not by what you do. b.is mostly determined by what you do, not by what other people do. c. is always inconsistent with the expectation. d.can be manipulated by politicians.