These are examples of externalities, 8. EXCEPT A) air pollution from coal power plants B) air pollution from smokers C) traffic jam because of vehicles D) None of the above
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- Blank options: Blank 1- equal to/greater than/less than Blank 2- an externality/market power Blank 3- consumer surplus/ market failureMCQ 1. A good that possesses positive externality in a free-market economy will likely: A.Produced at the equilibrium output level. B. Underproduced. C. Produced beyond the equilibrium level D. None of the above. 2. A recent severe drought likely "destroys most of the rice cultivation." This situation would likely cause the: A. demand curve to shift right and supply curve to shift left. B. demand curve to shift left and the supply curve to shift right. C. price of rice to go up and quantity purchased to go down. D. Price and quantity movements are uncertain. 3. Under-allocation of resources occurs at the output where: A. Marginal benefit is greater than marginal cost. B. Marginal cost is greater than average total cost. 4. Pandemic has caused the company’s medical insurance to go up. This will cause the firm’s: A. fixed cost to increase. B. variable cost to increase. C. sunk cost to increase. D. marginal cost to go up. C. Marginal revenue equals to…Question 16 Suppose that flu shots create a positive externality equal to $12 per shot. What is the relationship between the private equilibrium quantity and the socially optimal quantity of flu shots produced? Group of answer choices They are equal. The private equilibrium quantity is greater than the socially optimal quantity. The private equilibrium quantity is less than the socially optimal quantity. There is not enough information to answer the question.
- Suppose that flu shots create a positive externality equal to $10 per shot. Further suppose that the government offers a $7-per-shot subsidy to producers. What is the relationship between the equilibrium quantity and the socially optimal quantity of flu shots produced? Group of answer choices They are equal. The equilibrium quantity is greater than the socially optimal quantity. The equilibrium quantity is less than the socially optimal quantity. There is not enough information to answer the question.Which of the following are examples of positive externalities. A. Light pollution from cities making it more difficult for observatories to view distant stars. B. Job losses associated with a factory closure in the United States, because a factory was opened in Mexico to replace it. C. Reduced crime rates stemming from rapid economic growth and reduced unemployment. D. Pollution emissions from power plants. E. Reduced prices for all manner of electronic goods due to free trade with China and low-cost manufacturing there. F. Unsightly oil rigs offshore from Santa Barbara, diminishing the quality of the view for beachgoers and coastal homeowners. G. High gas prices caused by rapid demand growth in China. H. Reduced incidence of the common flu stemming from more people obtaining flu shots during the Fall. I. Noise pollution emanating from windmills on the North Shore of Oahu. J. Noise from traffic on a busy street.…Consider an economy which is heavily dependent on tourism. To boost tourist revenue, the government has decided to reclaim the sea to build a theme park at the coastal area. This has resulted in sea pollution, reduces the fish stock and threaten the livelihoods of fishermen in the vicinity. (a)Describe the type of externality exist in the scenario. Explain with a suitable diagram and highlight the area of the efficiency loss. (b)Explain the remedial action to rectify the externality problem.
- This scenario pertains to microeconomics course-externalities focusing on Noise Pollution, which has negative effects on human health. As some scientific studies have shown, community members who are residing around airports have been exposed to frequent noise pollution. As a result, some people's stress levels increased leading to an increased risk of high blood pressure and heart disease. Now, assume that this has had happened in San Diego County, CA. The community members or residents sued SD Airport for producing negative externalities- noise pollution. The final decision or the court verdict was in the favor of the community members. But the judge has failed to come up with an economic model to calculate the total costs of negative externality- noise pollution. To construct the model, the Judge has employed economists to come up with the model to measure the total amount of compensation per household identifying who should get how much, and what factors determine the dollar amount…Coase theorem encourages bargaining for externalities Select One: a) None of the answers is correct b) Where property ownership is not clearly defined c) All the answers are correct d) The bargaining costs are negligible e) The number of people involved is largeWhich 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.
- Distinguish carefully between a positive externality and a negative externality. Explain your answer with an example of each. (needs to be at least 100 words )Question 2 When negative externalities are present in a market Group of answer choices private costs will be greater than social costs. social costs will be greater than private costs. only government regulation will solve the problem. the market will not be able to reach any equilibrium.The main disadvantage of an emissions tax is that ... Question 3Select one: a. the total pollution reduction from an emissions tax cannot be known for sure. b. firms lack the flexibility to pursue different technologies. c. firms do not have an incentive to reduce pollution. d. firms cannot behave in an economically-efficient manner. e. differences among firms are not incorporated into the policy.
