**Carbon Dioxide Emission Reduction Policies**Carbon dioxide emissions have been linked to global warming. The following table lists some possible public policies aimed at reducing the amount of carbon dioxide in the air.*For each policy listed, identify whether it is a command-and-control policy (regulation), tradable permit system, corrective subsidy, or corrective tax.*| **Public Policy** | **Command-and-Control Policy** | **Tradable Permit System** | **Corrective Subsidy** | **Corrective Tax** ||------------------|---------------------------------|----------------------------|-------------------------|--------------------|| Trees take carbon dioxide out of the air and convert it to oxygen, so the government funds a tree-planting initiative by offering $400 to any citizen who plants a tree. | | | ○ | || The government orders every factory to adopt a new technology, which reduces carbon-dioxide emissions into the atmosphere. | ○ | | | || The government limits total carbon-dioxide emissions by all factories to 150,000 tons per year. Each individual factory is given the right to emit 180 tons of carbon dioxide, and factories may buy and sell these rights in a marketplace. | | ○ | | || The government charges factories $400 for every ton of carbon dioxide they emit. | | | | ○ |**Explanation of Terms:**- **Command-and-Control Policy:** Direct regulations that determine how a specific activity is conducted. For example, mandating technology to control emissions. - **Tradable Permit System:** Allows companies to buy and sell emission rights, providing flexibility in how they comply with limits on emissions. - **Corrective Subsidy:** Financial incentives given to encourage activities that reduce emissions, like tree planting. - **Corrective Tax:** Taxes imposed on activities that generate emissions, intended to reduce pollution by increasing costs.

Various policies like command and control, tradable permit system, corrective subsidy, corrective taxes were used to mitigate the environmental problems created by human activities.1- Corrective subsidy: The government is offering a financial incentive to encourage people to plant trees, which will help to reduce carbon dioxide emissions.2- Command-and-control policy: The government is directly ordering factories to adopt a new technology, which will reduce carbon dioxide emissions.3- Tradable permit system: The government has set a limit on total carbon dioxide emissions, but it is allowing factories to buy and sell emission permits. This allows factories that are more efficient at reducing emissions to sell their permits to factories that are less efficient.4- Corrective tax: The government is charging factories a tax for every ton of carbon dioxide they emit. This tax will make it more expensive for factories to pollute, and it will encourage them to find cleaner ways to produce their products.

Answered: For each policy listed, identify…

Business

Economics

For each policy listed, identify whether it is a command-and-control policy (regulation), tradable permit system, corrective subsidy, or corrective tax.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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