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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.
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- 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?"1. A construction company provides free first-aid and CPR training to all employees in order to save money on liability insurance. This free training might be an example of a ______ because ______. (Both the example and the explanation must be correct.) - Rival good because every time someone learns CPR, another person must forget CPR. - Source of a negative externality because employees are probably bored during the training. - Source of a positive externality because employees may go on to save the lives of others, even outside the company. 2.The Coase theorem states that interested parties will negotiate to correct externalities if two assumptions are met. What are those two assumptions? All parties agree on the value of the externality. AND Parties have mutual respect for each other. Public good because non-employees were prevented from receiving the free training. No barriers to negotiation. AND All parties agree on the value of the externality. No…From CNN what news article represents an issue ragards to Externalities or that can be realted to externalities? Cite at least one source (News Article, Video, etc.) for any data. Explain: What is the Economic issue? (Describe the issue) What is the connection to Externalities? (positive, negative, policy) (Use Math, Graph or data to explain or support your idea) Explain how this affects the Economy (individual, industry, national or global)
- 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?1. Describe an incentive your parents offered to you in an effort to influence your behavior. 2. Give an ideal example of a positive (consumption) externality which leads to a market failure. 3.Differentiate equality from equity. 4. Which one is better? Equality or Equity? Give an example in which the government has done such a thing.In macroeconomics 1. List and explain the three ways in which there can be market failure. 2. Define externality and distinguish between positive and negative externality and their impact on production, using examples where possible. 3. How can a government correct for positive and negative externalities ? Give real life examples
- 29 Choice obliges us to give up something while it enables us to achieve something. What is this condition called? a) Marsall effect B) externality NS) trade off D) crowding out TO) Fisher effectHow externalities and their impact the economy? explain the negative and the positive externalities and how it affects the market.Economics: Public Economics Question: 1 Figure 6 (Graph 5) Refer to Figure 6, Panel (b) and Panel (c). Which of the following is correct? a. A tax would move the market in Panel (c) closer to the socially optimal outcome, but a subsidy would move the market in Panel (b) closer to the socially optimal outcome. b. A subsidy would move the market in Panel (b) and the market in Panel (c) closer to the socially optimal outcome. c. A tax would move the market in Panel (b) and the market in Panel (c) closer to the socially optimal outcome. d. A subsidy would move the market in Panel (c) closer to the socially optimal outcome, but a tax would move the market in Panel (b) closer to the socially optimal outcome. Question: 2 Two arms, A and B, each currently emit 100 tons of chemicals into the air. The government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution emitted into the air. The government gives each arm 40…
- SCENARIO: Developers of a new housing scheme spend money putting in roads, lighting and clearing land surrounding the scheme. (1) The type of market failure represented by the scenario is a/an a. negative externality b. positive externality c. public good d. asymmetric information (2) The market fails in this scenario because a. no market transaction takes place b. goods are underproduced c. goods are overproduced d. no private provision (3) Solution to the market failure is a. subsidy b. government provision c. taxation d. screening e. signaling (4) The equilibrium quantity is _______the socially efficient quantity. a. greater than b. less than c. equal to (5) The private benefit curve is a. shifts outwards to the social benefit curve b.shifts inwards to the social benefit curve c. remains unchanged (6) The private cost curve is a. shifts outwards to the social cost curve b.shifts inwards to the social cost curve c. remains unchanged (7) The Efficient output is found where the → the…Provide short answer for the following. 1. Market failure. 2.Externality. 3.Substitution effect of a price change. 4. Diminishing marginal utility. 5.Indifference curve?what are 2 assumptions that underline the conclusion that free market are efficient?
