Economics

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azuredog78Lv1

18 Aug 2020

Environmental quality is considered to be a public good. This means that:

a. ultimately it is the public that pays for environmental cleanup.

b. businesses have a responsibility to minimize their environmental pollution.

c. everyone enjoys a cleaner environment regardless of who pays for it.

d. society places a higher value on private goods and services.

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Sonia DhawanLv10

10 Oct 2020

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In an article in the agriculture magazine Choices, Oregon State University economist JunJie Wu made the following observation about the conversion of farmland to urban development:

Land use provides many economic and social benefits but often comes at a substantial cost to the environment. Although most economic costs are figured into land-use decisions, most environmental externalities are not. These environmental 'externalities" cause a divergence between private and social costs for some land uses, leading to an inefficient land allocation. For example, developers may not bear all the environmental and infrastructural costs generated by their projects. Such market failures provide a justification for private conservation efforts and public land use planning and regulation.

Source: JunJie Wu, "Land Use Changes: Economic, Social, and Environmental Impacts," Choices, Vol. 23, No. 4, Fourth Quarter 2008, pp. 6-10.

By market failure, the author means:

(i) benefiting from a good without paying for it.

(ii) a situation that occurs when one person's consumption of a unit of a good means no one else can consume it.

(iii) a situation in which the market fails to produce an efficient level of output.

(iv) a situation in which a benefit is present that affects someone who is not directly involved in the consumption of a good or service.

(v) the tendency for a common resource to be underused.

cyanhound711

1 John raises bees to pollinate his orchard, a couple of bees which escaped ended up pollinating his neighbour's orchard so:

a. john's neighbour has received an external cost of john's beekeeping.

b. john's neighbour has received an external benefit of john's beekeeping.

c.john's neighbour has received an internal cost of john's beekeeping.

d.none of the above.

2. external costs are:

a. borne by individuals other than those who incurred them.

b.borned by the public but incurred by the government.

c.another term for implicit costs.

d.borne by the government but incurred by the public.

3. the optimal quantity of ail pollution is:

a. found by setting the quantity of air pollution equal to the quantity of water pollution.

b.a meaningless concept since monetary values cannot be attached to problems associated with pollution.

c.whatever amount of pollution is produced by the profit-maximizing firm.

d. found by equating the marginal benefits from further reductions in pollution and the marginal costs of further reductions in pollution.

4. technological changes that make it easier to produce in a "cleaner" fashion would cause:

a. the marginal cost curve of pollution abatement to shift left increasing the degree of air quality.

b.the marginal benefit curve of pollution abatement to shift left increasing the degree of air quality.

c.the marginal cost curve of pollution abatement to shift right increasing the degree of air quality.

d.the marginal benefit curve of pollution to shit right increasing the degree of air quality.

5. if pollution is bad, why do we still use pollution-causing resources such as coal and oil to generate electricity?

a. the transaction cost of pollution is too low.

b.governements lack the political will to enforce the use of pollution-free resources.

c.pollution is only a private cost.

d.the cost of using pollution-free resources to generate power in many circumstances is much higher than generating the same power through conventional pollution causing means.

plumseal463

10. People have a strong incentive to hide their true willingness-to-pay, or valuation, of a public good because taxing officials might use it to get them to pay more taxes. This is called the

a. basis for health insurance

b. free-rider problem

c. problem with externalities

d. result of congestion effects

11. All of the examples listed below, with one exception, are public goods that at times might lose some of their public good properties when they become congested. Which example is an exception?

a. A small nonprofit clinic for homeless people funded by a charitable organization

b. Discoveries made through medical research

c. Emergency departments of nonprofit hospitals

d. A large urban nonprofit hospital

12.The primary way that the U.S. government assures health care services for senior citizens through Medicare is through

a. Financing services provided by private sector firms

b. Producing services for consumers

c. Regulating the market for some services

d. Marketing services for private producers