The costs of an economic activity borne by theproducers area. always less than social costs.b. the full resource costs of an economicactivity.c. private costs.d. All of the above answers are correct.
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| The costs of an economic activity borne by the producers are a. always less than social costs. b. the full resource costs of an economic activity. c. private costs. d. All of the above answers are correct. |
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- A large supermarket applied to build on land which was in an area of natural beauty. The local government allowed the building, even though the natural beauty of the area would be lost, because many jobs would be created and much needed income would be brought to the local community. Which economic ideas cannot be found in the above statement? A external cost and private enterprise B free market and the conservation of resources C opportunity cost and improved standards of living D public sector and external benefitProperty rights problems and the tragedy of the commons are most prevalent for which resource examples? a. Minerals. b. Private Forests c. Free access public lands d. Pollution with well-functioning cap-and-trade e. Private land.The most efficient way to get firms to reduce pollution is to A set a uniform emissions standard and require all firms to meet the standards B make the worst polluters shut down and go out of businesses C make them pay for the social cost of production and let them decide how to respond to the higher costs D Provide firms and consumers with the information about the effects of their actions and encourage them to behave responsibly Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely
- What are public goods ? State few examples of public goods.An emissions standard will work best in which of the following cases? Question 2Select one: a. The marginal cost of pollution reduction curve is relatively flat. b. The marginal cost of pollution reduction curve is relatively steep. c. All firms have similar equipment and technology. d. The health effects of a pollutant are relatively unknown. e. Firms have very different equipment and technology.Michigan SUGAR BEET processing center creates waste ponds that smell terrible interfering with the quality of life of nearby residents. Below are the dollar valued benefits and costs of producing a ton of sugar. Quantity in Tons Private Benefit Private Cost External Cost 1 $140 $100 $20 2 $130 $110 $20 3 $120 $120 $20 4 $110 $130 $20 5 $100 $140 $20 6 $90 $150 $20 7 $80 $160 $20 Describe the quantity of tons of Sugar that would be produced in a pure Describe the society optimal quantity tons of sugar that should be Describe two ways that the business can be incentivized to internalize the socialcosts of sugar
- What considering where to locate public resources such as power plants, prisons, and public schools, who should have said in defining the primary constraints for choosing the location?The net benefit to society from reducing pollution is equal to Select one: a. the additional benefit plus the additional costs. b. the quantity of pollution, such as the tons of reduction in sulfur dioxide. c. the sum of the benefits of reducing pollution and the costs. d. the difference between the benefits of reducing pollution and the costs.Private property rigthts can contribute to social welfare because a) owners incur a cost when they misuse or abuse their property b) owners gain when they improve the property c) owners are forced to only consider the public good when they use their property d) A and B e) B and C
- A company near a large city is required to keep its smokestack pollution to new lower levels, costing the company $2 million in additional equipment (which will last at least 10 years) and $100,000 a year in additional labor. Lowering the air pollutants in the region is expected to save $4 million in medical expenses in the affected region over the next 10 years. What level of pollution reduction gives the smallest benefit for money spent? Select one: a. From 1-20% of pollution reduction b. From a 20-40% pollution reduction c. From a 80-100% pollution reduction d. From a 60-80% pollution reductionJust answer true or false 1. Mining has negative externalities 2. The social cost of putting up a dam is reduced if the government ensures that the communities adversely affected are relocated in another area with sustainable sources of livelihood 3. Fireworks display during Christmas sponsored by an agency has both positive and negative externalities. 4. When a public space has been enclosed for a concert and people can only get in by buying tickets, the public space is no longer a public good that is non-rival and non-exclusive.The satisfaction that an individual gain after consuming a cold Orange Juice on a hot day describes * a.Public benefit b.private benefit c.external benefit d.social benefit If it costs Levy $1.50 to prepare a burrito, that would reflect it's: a.social cost b.external cost c.private cost d.Public cost As a result of the COVID19 pandemic, the Government will be opening a pre-school in Back-A- Town area, and subsidizing the cost. The reason for this is because the government is of the opinion that pre-school education is: * a.Underpriced b.Overproduced c.Under-produced d.Over-produced Full funding of tertiary level education is an example of a government: * a.Tariff b.Tax c.Subsidy d.Loan
