Question 6 When allocating a finite resource efficiently, if the discount rate increases, more of the resource will be conserved for the future generation O True O False Question 7 The optimal level of pollution ifs the level that maximizes total social welfare O True O False Question 8 Free public housing is an example of a Public Good Publice Good O True O False

Question 6 When allocating a finite resource efficiently, if the discount rate increases, more of the resource will be conserved for the future generation O True O False Question 7 The optimal level of pollution ifs the level that maximizes total social welfare O True O False Question 8 Free public housing is an example of a Public Good Publice Good O True O False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Supply 10.00 9.00 8.00 7.00 6.00 MSC 5.00 4.00 Demand 3.00 2.00 1.00 25000 50000 75000 100000 125000 150000 175000 200000 If a tax or subsidy were used to correct the externality, what would be chosen? O a. tax = $4 O b. subsidy = $3 O C. tax = $3 O d. subsidy = $4 B.
Which statement about externalities is wrong? O Markets are typically not efficient in dealing with externalities O Externalities can be positive or negative O A firm naturally takes into account negative externalities that result from their production O Interventions such as carbon taxes can help correct externalities gative externalities imply that the social cost is high than the internal (or private) cost
According to economists what is the optimal amount of pollution? O a. The optimal amount of pollution is where private costs equal social costs O b. Pollution should be reduced to a level as determined by government regulation O c. None, the goal is to completely eliminate pollution d. The point where the marginal benefit from further pollution reduction equals the marginal cost of further reduction
Demand BA Quantity Refer to Externality graph above. Point A is the current equilibrium level of output of this product and point B is the socially optimal level of output for the society. S is the supply curve that includes private costs. St is the supply curve that includes public costs. The graph indicates that there is (arc): O a. positive externalities from product production. O b. spillover costs from the production of this product. Oc. spillover benefits to the production of this product. O d. an underallocation of resources to product production. Price %24
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Figure above shows the Marginal Benefit to a village from harvesting forest land, as well as the Marginal Costs to a nearby City from the harvest. Assuming the Village controls the forest. Without any negotiation between the village and the City, how many acres will be harvested?
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D Question 10 Which of the following is an example of a negative externality? O A person buys a car that is in need of repairs O A new restaurant's success causes another restaurant to go out of business O all of above O A worker is injured on the job O A new hotel ruins the view of the ocean for a few homeowners
Question 1 Price $1.90 1.80 1.70- 1.60 1.50 1.35 35 38 42 Supply (Private+ Public Costs) 58 Supply (Private Costs) Quantity Refer to the figure above. This graph represents the tobacco industry. The socially optimal price and quantity are O $1.90 and 38 units, respectively. O $1.80 and 35 units, respectively. O $1.60 and 42 units, respectively. O $1.35 and 58 units, respectively.
8. Problems and Applications Q8 Suppose that the government decides to issue tradable permits for a certain form of pollution. In terms of economic efficiency in the market for pollution, having the government auction the permits off is them to firms. True or False: If the government chooses to distribute the permits, the allocation of permits among firms ma O True O False more efficient than as efficient as less efficient than 7 distributing