ECON 132 Final: Comprehensive Study Guide

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Published on 26 Mar 2019
School
Department
Course
132STUDYGUIDE
FINALEXAM(notcumulative)
QuantitativeProblems(1/3ofpoints)
1.Benefitcostratio/netbenefitproblems
 [Seeproblemset3]
2.Discountingproblems
[Seeproblemset3]
3.Optimalproductionproblemswithinclusionofpollution.Notethatpollutioncostscanbe
castintermsofeitherapollutiontaxorhavingtopurchaseamarketablepollutionpermitand
caninvolveeitheramonopolyorcompetitive/pricetakingsituation.
[Seeproblemset3]
4.Elasticityproblems
[Seeproblemset3andearlierproblemsets.Remembertheseproblemscanbecastin
termsofelectricity,motorvehicles,pollutants,includingCO2,env.quality,andas
absolute/percentagechangesinprice,quantity,demandorotherfactors.]
RemainderofTest
Typesofquestions:Multiplechoice,true/false,fillintheblankandshortanswer
1.ClimateChange:EvidenceandCauses(NationalAcademyofSciencesandRoyalSociety):20
questionsandanswers
2.Energyasthemainsourceofpollutionexternalitiesincludingdifferenttypes/examples.
Differentspatiallevelsofpollutants(global,regional,metropolitanarea/state/country,local).
Examplesofeachtypeofpollutant.Uniformversusnonuniformmixing.Specificregulatory
issuesassociatedwitheachlevel.Multitieredregulatoryenvironment.Command&control
versuseconomicsincentives.Pollutiontaxversuscapandtrade(marketablepermits).
Technologyversusperformancestandards.Multimediapollutionconcernsincluding
relationshipbetweenenergy&waterconsumptions(examples).Ethanolissues.
3.BeabletotraceoutbasichistoryofU.S.airpollutioncontrol/legislationsincludingshiftin
authoritybetweenlevels,pollutantscontrolled,pollutioncontrolmethods/instruments.Why
andhowleadingasolinewasphasedout.MarketforSO2permits.
4.Purposeofbenefitcostanalysis.Benefitcostratio,netbenefitsandchoosingprojects.Role
andimportanceofdiscounting.Approachestoestimatingbenefitandexamples.Damages
avoidedasbenefits.Reasonsfortypicalinitialoverestimationofcosts.Desiredlevelof
environmentalqualityascostshift.
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Document Summary

Note that pollution costs can be cast in terms of either a pollution tax or having to purchase a marketable pollution permit and can involve either a monopoly or competitive/price taking situation. Energy as the main source of pollution externalities including different types/examples. Different spatial levels of pollutants (global, regional, metropolitan area/state/country, local). Pollution tax versus cap and trade (marketable permits). Be able to trace out basic history of u. s. air pollution control/legislations including shift in authority between levels, pollutants controlled, pollution control methods/instruments. Core basics of the climate system: incoming solar radiation, reflected up by clouds and light surfaces, absorbed by dark surfaces, surface radiation and refection down by clouds. Pattern of co2 level rise as measures at mauna loa. Key economic issues related to climate: discount rate, damages, (induced) technological change, uncertainty, international agreements. Gtc, bau, pollution haven, coase theorem, full cost pricing, life cycle analysis, virtual energy,

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