Representatives Waxman of California and Markey of Massachusetts proposed a law to limit greenhouse gas emissions from electricity generation and require electricity producers to generate a minimum percentage of power using renewable fuels, with some emission rights to be auctioned. The Congressional Budget Office estimated that the government would receive $846 billion from auctions and would spend $821 billion on incentive programs and compensation for higher energy prices. Electricity producers would spend $208 million a year to comply with the new rules. (Think of these dollar amounts as dollars' worth of other goods and services.) Would the Waxman-Markey law achieve production efficiency? O A. Yes, because wind power is free. O B. Yes, because we must cut greenhouse gas emissions at any cost. O C. No, because Congress always wastes resources. O D. Unlikely, because mandating which specific technology to use prevents producers from choosing the most efficient technology. O E. No, because any reduction in emissions puts the economy inside the PPF

Representatives Waxman of California and Markey of Massachusetts proposed a law to limit greenhouse gas emissions from electricity generation and require electricity producers to generate a minimum percentage of power using renewable fuels, with some emission rights to be auctioned. The Congressional Budget Office estimated that the government would receive $846 billion from auctions and would spend $821 billion on incentive programs and compensation for higher energy prices. Electricity producers would spend $208 million a year to comply with the new rules. (Think of these dollar amounts as dollars' worth of other goods and services.) Would the Waxman-Markey law achieve production efficiency? O A. Yes, because wind power is free. O B. Yes, because we must cut greenhouse gas emissions at any cost. O C. No, because Congress always wastes resources. O D. Unlikely, because mandating which specific technology to use prevents producers from choosing the most efficient technology. O E. No, because any reduction in emissions puts the economy inside the PPF

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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