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- Determine if the good is public good, private good, club good or common-pool resources. Please only tell me the ones that I got wrong and the reason why! 1. Albert Einstein's Theory of Relativity (as an idea) Public Good 2. Books in the public library Public Good 3. A local church, temple etc Public Good 4. Healthcare services provided by a physician Could be both public and private..? 5. The national missile defense system Public goodCHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Environmental issues affect, and are affected by, economic development. 2. Inclusion of women in the design of environmental policy is important.Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- In economics, the terms efficient, effective and productive are often known. Question: a. Explain the difference between each of these terms. Explain with examples b. How many types of efficiency are there? Explain the difference between each! c. If the results of the rice production model are as follows: Qp = 0.031 + 0.046 Land Area + 0.092 Seed + 0.198 TK + 0.728 Fertilizer + 0.222 Perticide. Explain the results of the analysis related to the concept of efficiency for each variable and return of scale1. What is Air Quality Index (AQI)? How is it calculated? Who uses information on AQI? 2. What is the current AQI of Greater Cincinnati? On average, how does Cincinnati’s AQI compare to other metro areas in the US? In the world? 3. Will the Greater Cincinnati area be better off (in terms of economic efficiency) if the air quality is improved? How would you know? 4. Did the pandemic have any effect on AQI of Cincinnati? Can you explain why?3. Ethics refers to A) the practice of obeying applicable business laws and regulations B) the ability to recognize a morally problematic situation C) the ability to know right from wrong and to know when you're practicing one instead of the other D)a series of situations in which an individual must choose between personal interest and the interest of others.
- multiple choice 34. Which of the following statements about next generation biofuels is correct?a. The objective of next generation biofuels is to use inorganic materials that will notdrive up food prices.b. The cost of next generation biofuels are low.c. The next generation biofuels will use sugarcane rather than corn.d. The next generation biofuels will not use any part of the corn plant. 35. Which best describes the economic view of energy efficiency?a. We should have the key focus of saving energy.b. We should adopt more energy efficient appliances as long as the technology isavailable.c. We should provide rebates for increases in the marginal product of energy.d. We should invest in economically efficient energy use. 36. Why might an economist be against a ban on incandescent light bulbs?a. A ban does not consider individual preference and willingness to pay.b. CFDs and LEDs are prohibitively expensive for income families.c. The use of incandescent light bulbs is accompanied by…12. Explain in your own words the three strategies where sustainability depends. 3 Strategies: 1. First, the world needs bring population growth under control. 2. Second strategy is conservation of finite resources. 3. Third strategy is reducing waste.8. Based on the following wealth utilization, what is the best rank of prioritization in consumption recognized in Islam: i Your close friend who is poor and in need ii Your sister who needs to do medical surgery iii Donation to a charity foundation iv Contributed to the construction of Maahad Tahfiz i, ii, iv, iii ii, i, iii, iv i, ii, iii, iv ii, i, iv, iii
- 4. Equality versus efficiency All societies face a trade-off between efficiency and equality. If the government lowers income taxes on Americans in the top one percent of earners, while decreasing welfare payments to citizens with incomes below the federal poverty threshold, the most likely result is in equality in the United States. in efficiency and Match each definition to its appropriate concept. Definition When a society gets the most it can from its scarce resources When economic benefits are distributed uniformly across society Efficiency Equality1. Explain why the science of economics is concerned with the activity of households and individuals at one end of the scale, and that of multinational corporations and governments at the other. 2. It is a principle of economics that society faces trade-offs and one of these trade-offs is between the goals of equity and efficiency. Explain the terms equity and efficiency and discuss which of the two you think is the more important? Why might government policies aimed at achieving the goal you think is the more important lead to a reduction in the other goal?Which of the following is a non-exclusive good? A. private beach in Boracay B. Manila Bay dolomite beach C. Food-park in Bonifacio Global City D. A and C E. B and C Which of the following is non-rival good? A. food park which is 30% utilized B. congested public road C. congested public amusement park D. A and B E. A and C