Review Quiz Chapter 12__ ECON-2302-010

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11/9/22, 8:54 PM Review Quiz Chapter 12*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3505008 1/6 Review Quiz Chapter 12* Due Nov 13 at 11:50pm Points 10 Questions 10 Available Nov 7 at 12am - Dec 4 at 11:59pm Time Limit 15 Minutes Allowed Attempts 2 Instructions Attempt History Attempt Time Score LATEST Attempt 1 3 minutes 10 out of 10 Answers will be shown after your last attempt Score for this attempt: 10 out of 10 Submitted Nov 9 at 8:54pm This attempt took 3 minutes. This quiz is based on both the textbook and classroom discussion. Take the Quiz Again 1 / 1 pts Question 1 A positive externality arises in a situation where a third party, outside the transaction, suffers from a market transaction by others. pays a pollution tax to balance social costs. benefits from a market transaction by others. fails to allocate resources efficiently.
11/9/22, 8:54 PM Review Quiz Chapter 12*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3505008 2/6 1 / 1 pts Question 2 Market failure describes a situation in which the market itself ______________________ in a way that balances social costs and benefits. fails to allocate resources efficiently remains outside the transaction incurs the costs outside the production process avoids externalities 1 / 1 pts Question 3 Property rights are the legal rights of ownership on which others are allowed to infringe by paying the property owner's pollution tax. able to specify allowable quantities of pollution. not allowed to infringe without paying compensation. able to enforce use of pollution-control technologies. 1 / 1 pts Question 4
11/9/22, 8:54 PM Review Quiz Chapter 12*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3505008 3/6 Which of the following will need to strike some balance between economic output and environmental quality as a prominent climate change priority? every country command-oriented countries countries with high-incomes market-oriented countries 1 / 1 pts Question 5 While the traditional approach of U.S. government policies for environmental protection has had some level of success, some economists are proposing a change to stringent polices balance industry profit goals and environmental quality. a range of more flexible, market-oriented pollution control policies. a range of polices stipulating set limits governing pollutant emissions. stringent polices that will return the environment to its former pristine quality. 1 / 1 pts Question 6
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11/9/22, 8:54 PM Review Quiz Chapter 12*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3505008 4/6 Which of the following would an economist identify as a difficulty relating to environmental command-control regulations? obvious lack of loopholes lack of incentive to reduce pollution high degree of inflexibility clear distinctions drawn between firms 1 / 1 pts Question 7 Market-oriented environmental tools _______________ for firms to take the social costs of pollution into account and ____________________ in reacting to these incentives. specify particular technology; lower the social costs incurred draw distinctions; lower the social costs incurred create incentives; allow firms some flexibility lack incentives; prohibit firms from having flexibility 1 / 1 pts Question 8 A ___________________ would lead a large greenhouse gas emitter to reduce emissions by less.
11/9/22, 8:54 PM Review Quiz Chapter 12*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3505008 5/6 lower pollution tax pollution tax higher pollution tax flat charge 1 / 1 pts Question 9 When the quantity of environmental protection is low so that pollution is extensive, then there are usually ______________ to reduce pollution and the ______________. only a few expensive and innovative methods; average benefits are higher a lot of cheap and easy ways; marginal benefits of doing so are quite high a lot of expensive and innovative methods; marginal benefits are quite high a few inexpensive and easy ways; average benefit are slightly higher 1 / 1 pts Question 10 A beekeeper decides to locate her business on a plot of land that is between an apple orchard and an elementary school. A positive externality that can result is
11/9/22, 8:54 PM Review Quiz Chapter 12*: ECON-2302-010 https://alamo.instructure.com/courses/1453321/quizzes/3505008 6/6 the bees helping to pollinate the orchard, leading to more fruit. the cost of the bee hives to the beekeeper. the possibility of the bees stinging the students at the school. the honey the bees produce. Quiz Score: 10 out of 10
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