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I. TRUE/FALSE/UNCERTAIN Answer each question and provide a concise explanation. If any word/term is underlined, give the definition. 1. [5 POINTS] T/F/U. All externalities lead to inefficient market outcomes. 2. [5 POINTS] Consider two firms [A, B], each with a fixed number of tradeable pollution permits. T/F/U. If MCB > MCA, the total cost of pollution abatement can be reduced if Firm B sells permits to Firm A. 3. [5 POINTS] Climate change experts are especially concerned about tipping points, thresholds that lead to catastrophic and irreversible damage. T/F/U. If evidence suggests we are near a tipping point, the government should impose a high carbon tax. 4. [5 POINTS] T/F/U. Highways and Cable TV are considered impure public goods for the same reason. 5. [5 POINTS] California's Prop 13 sharply lowered property tax rates in many of the state's counties. T/F/U. The fact that home prices rose immediately after the law shows that voters expected little to no change in public goods and services.

I. TRUE/FALSE/UNCERTAIN Answer each question and provide a concise explanation. If any word/term is underlined, give the definition. 1. [5 POINTS] T/F/U. All externalities lead to inefficient market outcomes. 2. [5 POINTS] Consider two firms [A, B], each with a fixed number of tradeable pollution permits. T/F/U. If MCB > MCA, the total cost of pollution abatement can be reduced if Firm B sells permits to Firm A. 3. [5 POINTS] Climate change experts are especially concerned about tipping points, thresholds that lead to catastrophic and irreversible damage. T/F/U. If evidence suggests we are near a tipping point, the government should impose a high carbon tax. 4. [5 POINTS] T/F/U. Highways and Cable TV are considered impure public goods for the same reason. 5. [5 POINTS] California's Prop 13 sharply lowered property tax rates in many of the state's counties. T/F/U. The fact that home prices rose immediately after the law shows that voters expected little to no change in public goods and services.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I. TRUE/FALSE/UNCERTAIN Answer each question and provide a concise explanation. If any word/term is underlined, give the definition. 1. [5 POINTS] T/F/U. All externalities lead to inefficient market outcomes. 2. [5 POINTS] Consider two firms [A, B], each with a fixed number of tradeable pollution permits. T/F/U. If MCB > MCA, the total cost of pollution abatement can be reduced if Firm B sells permits to Firm A. 3. [5 POINTS] Climate change experts are especially concerned about tipping points, thresholds that lead to catastrophic and irreversible damage. T/F/U. If evidence suggests we are near a tipping point, the government should impose a high carbon tax. 4. [5 POINTS] T/F/U. Highways and Cable TV are considered impure public goods for the same reason. 5. [5 POINTS] California's Prop 13 sharply lowered property tax rates in many of the state's counties. T/F/U. The fact that home prices rose immediately after the law shows that voters expected little to no change in public goods and services.
Transcribed Image Text:I. TRUE/FALSE/UNCERTAIN Answer each question and provide a concise explanation. If any word/term is underlined, give the definition. 1. [5 POINTS] T/F/U. All externalities lead to inefficient market outcomes. 2. [5 POINTS] Consider two firms [A, B], each with a fixed number of tradeable pollution permits. T/F/U. If MCB > MCA, the total cost of pollution abatement can be reduced if Firm B sells permits to Firm A. 3. [5 POINTS] Climate change experts are especially concerned about tipping points, thresholds that lead to catastrophic and irreversible damage. T/F/U. If evidence suggests we are near a tipping point, the government should impose a high carbon tax. 4. [5 POINTS] T/F/U. Highways and Cable TV are considered impure public goods for the same reason. 5. [5 POINTS] California's Prop 13 sharply lowered property tax rates in many of the state's counties. T/F/U. The fact that home prices rose immediately after the law shows that voters expected little to no change in public goods and services.
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