Homework Answers
Ans29) the correct option is c) positive externality
Ans30) the correct option is d) growth slowly
Ans31) the correct option is a) education generates positive ..........
Ans32) the correct option is d) imports
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QUESTION 29 Because of education society experiences a a. positive private benefit b. positive private cost...
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca....
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca. positive private cost b. positive private benefit C. negative externality d. positive externality QUESTION 2 When a positive externality is present the market will produce a. too little and charge more than a fair market value price. b. too little product and charge less than a fair market value price. C. an efficient amount and charge a fair price. d. too much...
21. By including the costs from negative externalities imposed on society, an efficient level of output...
21. By including the costs from negative externalities imposed on society, an efficient level of output will be produced when: (a) marginal benefit equals opportunity cost. (b) marginal private benefit equals marginal private cost. (c) market demand equals marginal private cost. (d) marginal private cost equals marginal social cost. (e) marginal benefit equals marginal social cost. 22. What is NOT an example of a positive externality? (a) Improved educational outcomes in society. (b) Winning $1 million dollars at the casino...
QUESTION 25 Terms of trade is Ca. the absolute advantage of production of two goods b....
QUESTION 25 Terms of trade is Ca. the absolute advantage of production of two goods b. the rate of exchange of one good for another c. the marginal cost of producing one good for another d. the marginal benefit of one producing one good for another QUESTION 26 When a positive externality is present in an industry Ca. resources are efficiently allocated b. resources are underallocated c. resources are overallocated d. there is insufficient information to determine QUESTION 27 Which...
QUESTION 5 The largest cost of attending college is Ca tuition b. tuition and books C. room and board d. foregone c...
QUESTION 5 The largest cost of attending college is Ca tuition b. tuition and books C. room and board d. foregone costs QUESTION 6 The opportunity cost of education a. increases with the level of education attainment b. does not appear to be related to the level of education attainment c. is consistent with the level of education attainment d. decreases with the level of education attainment QUESTION 7 Goods and services produced domestically but sold abroad are Ca. inelastic...
QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private...
QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private costs under-consumed because consumers only consider the private benefits of consumption O optimally consumed as long as private benefits equal private costs O underconsumed because the social costs exceed the social benefits QUESTION 23 The Coase theorem suggests that private bargains will ensure the efficiency of markets even when externalities exist but only in the presence of government regulation if consumers have more information...
All of these are used when positive externalities exist, EXCEPT: Question 93 options: a) coupons. b)...
All of these are used when positive externalities exist, EXCEPT: Question 93 options: a) coupons. b) vouchers. c) taxes. d) subsidies. Which of these is a policy idea that the government could use to correct a negative externality? Question 92 options: a) encouraging the over-allocation of resources of production that create negative externalities b) providing government subsidies to producers of goods that create negative externalities c) imposing a fee on waste from the production of goods that create negative externalities...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their product cost QUESTION 20 As a result of tariffs, domestic producers tend to • gain more than domestic consumers lose • spend less money on lobbying...
QUESTION 5 Research and development has positive externalities because it leads to profit for the developers...
QUESTION 5 Research and development has positive externalities because it leads to profit for the developers the new ideas have "spillover" effects for those not involved in the initial R&D because the new ideas can be used to develop other new ideas and applications by others it positively affects those involved in the R&D it is a pure free-market outcome QUESTION 6 The Federal Trade Commission (FTC) reviews all mergers and acquisitions valued at $90 million or more in order...
Question 1 True or false? (2 points) A positive externality does not lead to a deadweight...
Question 1 True or false? (2 points) A positive externality does not lead to a deadweight loss because more of the a. good should be produced, not less. b. (2 points) Economies of scale and limited demand can form a natural barrier to entry that can create a natural oligopoly. (2 points) The Coase theorem implies that we never need to worry about regulating c. negative externalities as long as we only assign property rights to the polluter. d. (2...
Question 63 (1 point) Which of the following is an example of an external cost (or...
Question 63 (1 point) Which of the following is an example of an external cost (or negative externality)?! The fall in the price of wheat because good weather produced a large crop O A company moves a factory to China, closing its Canadian factory. The fall in the price of gasoline because oil prices are falling, making Canadian oil industry workers jobless. Taxes are increased to pay for increased government spending during the pandemic. The increased chance of getting the...
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca. positive private cost b. positive private benefit C. negative externality d. positive externality QUESTION 2 When a positive externality is present the market will produce a. too little and charge more than a fair market value price. b. too little product and charge less than a fair market value price. C. an efficient amount and charge a fair price. d. too much...
QUESTION 25 Terms of trade is Ca. the absolute advantage of production of two goods b. the rate of exchange of one good for another c. the marginal cost of producing one good for another d. the marginal benefit of one producing one good for another QUESTION 26 When a positive externality is present in an industry Ca. resources are efficiently allocated b. resources are underallocated c. resources are overallocated d. there is insufficient information to determine QUESTION 27 Which...
QUESTION 5 The largest cost of attending college is Ca tuition b. tuition and books C. room and board d. foregone costs QUESTION 6 The opportunity cost of education a. increases with the level of education attainment b. does not appear to be related to the level of education attainment c. is consistent with the level of education attainment d. decreases with the level of education attainment QUESTION 7 Goods and services produced domestically but sold abroad are Ca. inelastic...
QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private costs under-consumed because consumers only consider the private benefits of consumption O optimally consumed as long as private benefits equal private costs O underconsumed because the social costs exceed the social benefits QUESTION 23 The Coase theorem suggests that private bargains will ensure the efficiency of markets even when externalities exist but only in the presence of government regulation if consumers have more information...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their product cost QUESTION 20 As a result of tariffs, domestic producers tend to • gain more than domestic consumers lose • spend less money on lobbying...
QUESTION 5 Research and development has positive externalities because it leads to profit for the developers the new ideas have "spillover" effects for those not involved in the initial R&D because the new ideas can be used to develop other new ideas and applications by others it positively affects those involved in the R&D it is a pure free-market outcome QUESTION 6 The Federal Trade Commission (FTC) reviews all mergers and acquisitions valued at $90 million or more in order...
Question 1 True or false? (2 points) A positive externality does not lead to a deadweight loss because more of the a. good should be produced, not less. b. (2 points) Economies of scale and limited demand can form a natural barrier to entry that can create a natural oligopoly. (2 points) The Coase theorem implies that we never need to worry about regulating c. negative externalities as long as we only assign property rights to the polluter. d. (2...
Question 63 (1 point) Which of the following is an example of an external cost (or negative externality)?! The fall in the price of wheat because good weather produced a large crop O A company moves a factory to China, closing its Canadian factory. The fall in the price of gasoline because oil prices are falling, making Canadian oil industry workers jobless. Taxes are increased to pay for increased government spending during the pandemic. The increased chance of getting the...
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