Liberty University ECON 213 quiz 6 complete Answers | Rated A+
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If the government imposes a tax on each aluminum can sold, payable by consumers when they purchase the item, then, in the market for goods sold in aluminum cans, the
Consider a market where production of a good generates a negative externality. In the market equilibrium
Refer to the accompanying figure. The market for dry-cleaning services is currently in equilibrium at point A, and the government decides to tax the stores that offer dry-cleaning services in order to improve the air quality. The new equilibrium will be at point
If the government implements a cap-and-trade system to reduce pollution in a particular industry, then the
When people elect to spend more years in school, this results in a __________ externality because there are __________ associated with this decision
Which goods are sold in markets?
You share a house with two other people. You are a concert pianist and often practice at home. One roommate enjoys listening to you practice, but the other does not. For the roommate who enjoys listening to you play, this is an example of __________; for the other roommate, it is an example of __________.
Question 1 The government imposes a tax on the sale of a good whose production is creating a negative externality. The value of the tax is $4 per unit sold. In the new equilibrium, you would expect:
Question 2 Refer to the accompanying figure, which shows the market for fish, to answer the questions that follow. If the government sets a quota of 300 pounds of fish caught per day, then fish will sell for:
Question 3 The tragedy of the commons occurs for goods that are:
Question 4 Your roommate is studying to be a chef and likes to try new recipes. He leaves his delicious creations in the refrigerator for anyone who wants to eat them. The food he leaves is always gone within a day. This is an example of:
Question 5 A positive externality exists whenever:
Question 6 Consider a market with a negative externality. The market will tend to __________ the good because the market participants tend to ignore the __________ of their decision.
Question 7 __________ can be jointly consumed by more than one person, and nonpayers are difficult to exclude.
Question 8 Which of the following characteristics best defines a private good?
Question 9 Consider the market for refined oil. In the market equilibrium,
Question 10 Common resources are:
Question 11 Which good is nonrival?
Question 12 If government regulation forces firms in an industry to internalize the externality, then we can expect the equilibrium price of the good to __________ and the equilibrium quantity to __________.
Question 13 Refer to the accompanying figure to answer the questions that follow. The figure best illustrates what type of market?
Question 14 A negative externality exists whenever:
Question 15 Refer to the accompanying table, where Q represents the quantity produced, internal cost and external cost are given for various quantities, and P represents the price consumers are willing to pay for various quantities. The market equilibrium occurs where price is __________ and quantity is __________.
Question 16 It is best to reduce the level of pollution:
Question 17 Refer to the accompanying figure. Which area represents the deadweight loss associated with producing at the market equilibrium instead of the social optimum?
Question 18 Positive externalities have __________ for third parties.
Question 19 Global warming is an example of:
Question 1 Refer to the accompanying figure, which shows the market for fish, to answer the questions that follow. If the government sets a quota of 300 pounds of fish caught per day, then fish will sell for __________ more per pound than the cost of catching the fish.
Question 2 The tragedy of the commons occurs because the good being produced is:
Question 3 The government has identified a situation where the production of a good is creating a negative externality. The government should enact legislation to require firms to internalize the extern
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