10. The poverty linea. separates those on welfare from those not on welfare.b. equals three times an economy food budget.c. equal the median income level.d. All of the above.11. A loud band plays a concert late at night in a neighborhood park. The noise produced by the band that keeps theneighbors not attending the concert awake isa. only a private cost.b.only an external cost.c. both a private cost and an external cost.d. neither a private cost nor an external cost.12. Suppose two neighborhoods (A and B) have identical housing, but neighborhood A has a strictly enforced deedrestriction that prohibits homeowners from parking junk cars in the front yard. If houses in neighborhood A sell for$105,000 and houses in neighborhood B sell for $100,000, how would an economist value the external cost of visible junkcars, per house?a. $205,000b. $105,000c. $100,000d. $5,00013. Pollution and other environmental external costs_____; they exist because_______a. are a recent occurrence and are found only in highly developed economies; they are so large that the marginalcost of pollution is essentially zero.b. have been present in varying amounts throughout history; these resources are shared by everyone so there are noclear property rights to them.c. should be reduced to zero; humans are basically polluters.d. create higher market prices in an unregulated economy; nobody is interested in non-polluted natural resources.14. As a general rule, if pollution costs are external, firms will producea. too little of a polluting good/service.b. too much of a polluting good/service.c. an optimal amount of a polluting good/service.d. an unknown amount.15. Marginal social cost is thea. price a consumer pays for one more unit of a good.b.cost a producer incurs producing one more unit of a good.C. cost of producing one more unit of a good that falls on someone other than the producer.d. sum of the cost a producer incurs from producing one more unit of a good plus the cost of producing one moreunit of a good that falls on someone other than the producer.16. The Coase theorem states thata. the level of pollution should be equal to zero to maximize social net benefit.b. profit making producers pollute because they are forced to.c. the efficient level of output is where marginal social cost equals marginal benefit.d. if property rights exist and are enforced, private transactions are efficient.17. Which of the following is the best example of a public good, and which is the best example of a common resource?a. national defense; Yosemite national parkb. a Ford Thunderbird; national defensec. Yosemite national park; a Mountain Dewd. a Mountain Dew; a Ford Thunderbird18. New York City, which has had a rent ceiling law for more than fifty years, has many abandoned apartment buildingsthroughout the city. Which of the following explains this?a. Few workers with jobs in the city want to live in there because of pollution.b. No building permits for new apartment buildings have been issued for over fifty years.c. Once any building gets so old, it is abandoned.d. Landlords have no incentive to finance maintenance and remodeling of apartment buildings.19. The deadweight loss associated with a minimum wage occurs becausea. the minimum wage increases the quantity of labor demanded.b. the minimum wage decreases the quantity of labor supplied.c. the minimum wage falls below the equilibrium wage.d. employment after the minimum wage is less than employment at equilibrium and so the marginal benefit ofmore work exceeds the marginal cost.

Poverty is a complicated and multi-layered social and economic condition portrayed by an absence of…

Answered: 10. The poverty line a. separates those…

10. The poverty line a. separates those on welfare from those not on welfare. b. equals three times an economy food budget. c. equal the median income level. d. All of the above. 11 nd

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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