The benefit s of externalities to the nation in the long-run.

Question

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Answer 1

Question

Chapter 21, Problem 1DQ

To determine

The benefit s of externalities to the nation in the long-run.

Expert Solution & Answer

Explanation of Solution

Subsidization refers to giving subsidy to specific industrial units. The tax revenue collected from various sources finance these subsidies. The resources can be put to various uses and at the same time they are scarce. Thus, using money to benefit single industry would not result in sustainable development.

If industry products benefit all the people of the society, then these types of products would have positive externalities. Solar panel for generating electricity is an example to this. It makes other sources of electricity generation free so that it can be used in various other forms.

Economics Concept Introduction

Concept introduction:

Externalities:

External factors that cause either a benefit or loss to the produces, but do not reflect in the market price of the good or service and not even in the accounts of the producer, are known as externalities. It may be a loss for one party and gain for the other.

The positive externality can be termed as external benefit, whereas the negative externality can be termed as external cost.

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Answer 2

Question

Chapter 21, Problem 1DQ

To determine

The benefit s of externalities to the nation in the long-run.

Expert Solution & Answer

Explanation of Solution

Subsidization refers to giving subsidy to specific industrial units. The tax revenue collected from various sources finance these subsidies. The resources can be put to various uses and at the same time they are scarce. Thus, using money to benefit single industry would not result in sustainable development.

If industry products benefit all the people of the society, then these types of products would have positive externalities. Solar panel for generating electricity is an example to this. It makes other sources of electricity generation free so that it can be used in various other forms.

Economics Concept Introduction

Concept introduction:

Externalities:

External factors that cause either a benefit or loss to the produces, but do not reflect in the market price of the good or service and not even in the accounts of the producer, are known as externalities. It may be a loss for one party and gain for the other.

The positive externality can be termed as external benefit, whereas the negative externality can be termed as external cost.

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Answer 3

Question

Chapter 21, Problem 1DQ

To determine

The benefit s of externalities to the nation in the long-run.

Expert Solution & Answer

Explanation of Solution

Subsidization refers to giving subsidy to specific industrial units. The tax revenue collected from various sources finance these subsidies. The resources can be put to various uses and at the same time they are scarce. Thus, using money to benefit single industry would not result in sustainable development.

If industry products benefit all the people of the society, then these types of products would have positive externalities. Solar panel for generating electricity is an example to this. It makes other sources of electricity generation free so that it can be used in various other forms.

Economics Concept Introduction

Concept introduction:

Externalities:

External factors that cause either a benefit or loss to the produces, but do not reflect in the market price of the good or service and not even in the accounts of the producer, are known as externalities. It may be a loss for one party and gain for the other.

The positive externality can be termed as external benefit, whereas the negative externality can be termed as external cost.

Want to see more full solutions like this?

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Answer 4

Question

Chapter 21, Problem 1DQ

To determine

The benefit s of externalities to the nation in the long-run.

Expert Solution & Answer

Explanation of Solution

Subsidization refers to giving subsidy to specific industrial units. The tax revenue collected from various sources finance these subsidies. The resources can be put to various uses and at the same time they are scarce. Thus, using money to benefit single industry would not result in sustainable development.

If industry products benefit all the people of the society, then these types of products would have positive externalities. Solar panel for generating electricity is an example to this. It makes other sources of electricity generation free so that it can be used in various other forms.

Economics Concept Introduction

Concept introduction:

Externalities:

External factors that cause either a benefit or loss to the produces, but do not reflect in the market price of the good or service and not even in the accounts of the producer, are known as externalities. It may be a loss for one party and gain for the other.

The positive externality can be termed as external benefit, whereas the negative externality can be termed as external cost.

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Answer 5

Chapter 21, Problem 1DQ

To determine

The benefit s of externalities to the nation in the long-run.

Expert Solution & Answer

Explanation of Solution

Subsidization refers to giving subsidy to specific industrial units. The tax revenue collected from various sources finance these subsidies. The resources can be put to various uses and at the same time they are scarce. Thus, using money to benefit single industry would not result in sustainable development.

If industry products benefit all the people of the society, then these types of products would have positive externalities. Solar panel for generating electricity is an example to this. It makes other sources of electricity generation free so that it can be used in various other forms.

Economics Concept Introduction

Concept introduction:

Externalities:

External factors that cause either a benefit or loss to the produces, but do not reflect in the market price of the good or service and not even in the accounts of the producer, are known as externalities. It may be a loss for one party and gain for the other.

The positive externality can be termed as external benefit, whereas the negative externality can be termed as external cost.

Answer 6

Chapter 21, Problem 1DQ

To determine

The benefit s of externalities to the nation in the long-run.

Expert Solution & Answer

Explanation of Solution

Subsidization refers to giving subsidy to specific industrial units. The tax revenue collected from various sources finance these subsidies. The resources can be put to various uses and at the same time they are scarce. Thus, using money to benefit single industry would not result in sustainable development.

If industry products benefit all the people of the society, then these types of products would have positive externalities. Solar panel for generating electricity is an example to this. It makes other sources of electricity generation free so that it can be used in various other forms.

Economics Concept Introduction

Concept introduction:

Externalities:

External factors that cause either a benefit or loss to the produces, but do not reflect in the market price of the good or service and not even in the accounts of the producer, are known as externalities. It may be a loss for one party and gain for the other.

The positive externality can be termed as external benefit, whereas the negative externality can be termed as external cost.

Answer 7

Chapter 21, Problem 1DQ

To determine

The benefit s of externalities to the nation in the long-run.

Answer 8

Expert Solution & Answer

Explanation of Solution

Subsidization refers to giving subsidy to specific industrial units. The tax revenue collected from various sources finance these subsidies. The resources can be put to various uses and at the same time they are scarce. Thus, using money to benefit single industry would not result in sustainable development.

If industry products benefit all the people of the society, then these types of products would have positive externalities. Solar panel for generating electricity is an example to this. It makes other sources of electricity generation free so that it can be used in various other forms.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Externalities:

External factors that cause either a benefit or loss to the produces, but do not reflect in the market price of the good or service and not even in the accounts of the producer, are known as externalities. It may be a loss for one party and gain for the other.

The positive externality can be termed as external benefit, whereas the negative externality can be termed as external cost.

Answer 12

Ch. 21 - Prob. 1DQ Ch. 21 - Prob. 2DQ Ch. 21 - Prob. 3DQ Ch. 21 - Prob. 4DQ Ch. 21 - Prob. 5DQ Ch. 21 - Prob. 6DQ

The benefit s of externalities to the nation in the long-run.

The benefit s of externalities to the nation in the long-run.

Explanation of Solution

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Chapter 21 Solutions