Homework Answers
Option D
Explanation: In the case of negative externality, there is over production because the external cost is ignored and only the private cost is considered.
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Choose the statement that is correct. O A. A good with an external benefit is a...
QUESTION 17 Suppose a firm produces pollution when it generates electricity. The cost of the pollution...
QUESTION 17 Suppose a firm produces pollution when it generates electricity. The cost of the pollution is called the private marginal cost. social marginal cost. marginal cost. external marginal cost QUESTION 18 Someone smoking in a crowded room is an example of a positive production externality. a negative production externality. a negative consumption externality. not an externality QUESTION 19 The cyclical deficit is the portion of the deficit created by business cycle fluctuations in GDP that is the result of...
3. For each of these examples of externalities consider a private good market. Think whether external...
3. For each of these examples of externalities consider a private good market. Think whether external costs/benefits are associated with the production or consumption of the good in question. Then draw a MD-MC diagram to show the effect of this externality in a free competitive market. How does free-market output of the good/service in your example differ from the socially optimal level of output? Use your graph to illustrate the deadweight loss created by the externality in question. Example 1:...
1) LTIPLE CHOICE. Choose the one alternative that best completes the statement or answer the question....
1) LTIPLE CHOICE. Choose the one alternative that best completes the statement or answer the question. 1) In recent years, as provincial goverments attempt to balance their budgets, they have increased tuition fees considerably. This increase will likely result in A) more students B) fewer students. C) under-provision of education compared to the efficient level D) over-provision of education compared to the efficient level. E) B and C 2) 2) When Good A is produced, pollution is also produced. When...
QUESTION 18 Someone smoking in a crowded room is an example of: a positive production externality. a negative productio...
QUESTION 18 Someone smoking in a crowded room is an example of: a positive production externality. a negative production externality. a negative consumption externality. not an externality. QUESTION 19 The cyclical deficit is the portion of the deficit created by business cycle fluctuations in GDP. that is the result of nondiscretionary federal spending. the result of discretionary federal spending- that would exist if the economy were at potential GDP. QUESTION 20 A subsidy paid to buyers to correct a market...
Consider a hypothetical market for good X using the information below. Price Quantity demanded Quantity supplied...
Consider a hypothetical market for good X using the information below. Price Quantity demanded Quantity supplied 700 300 600 400 500 500 400 600 300 700 200 800 100 900 0 1000 Suppose that the production of good X generates pollution in the form of chemical runoff and that the pollution imposes a $4 cost on society for each gallon of good X produced. What is the optimal quantity of good X production? Does the market overproduce or underproduce? O...
choose the correct statement real gdp grows at a smoother rate than potential gdp grow Choose...
choose the correct statement real gdp grows at a smoother rate
than potential gdp grow
Choose the correct statement. O A. Real GDP grows at a smoother rate than potential GDP grows. OB. Economic growth is illustrated as a movement along the PPF. OC. The return to full employment in an expansion phase of the business cycle is economic growth. OD. A return to full employment in a business cycle expansion is shown as a movement from inside the PPF...
Choose the correct statement(s) regarding the entropy generation (Sgen) (multiple answers possible) O A. The value...
Choose the correct statement(s) regarding the entropy generation (Sgen) (multiple answers possible) O A. The value of entropy generation is zero during an internally reversible process OB. A process featured with negative entropy generation is impossible OC. Entropy generation is a property of a system D. Entropy generation is always a positive quantity or zero
Choose the statement about the Lucas wedge that is correct. est O A. The Lucas wedge...
Choose the statement about the Lucas wedge that is correct. est O A. The Lucas wedge in 2016 is smaller than the Lucas wedge in 2000, OB. The Lucas wedge equals real GDP minus potential GDP. OC. The Lucas wedge accumulated to $790,000 per person by 2016 OD. The Lucas wedge is the dollar value of the accumulated gap between what real GDP per person would have been if the 1970s growth rate had persisted and what real GDP per...
Choose the correct statement. O A. In 2012, the world Gini ratio is approximately 0.47 O...
Choose the correct statement. O A. In 2012, the world Gini ratio is approximately 0.47 O B. The average American earns 15 times the income of one of the world's 3 billion poorest people OC. The world Lorenz curve lies much farther from the line of equality than the US Lorenz curve OD. Measured by the Gini ratio, the distribution of income in the entire world became less equal between 1970 and 2005
Complete the statement below. A Type II Error is made. Choose the correct answer below. O...
Complete the statement below. A Type II Error is made. Choose the correct answer below. O A. A Type II Error is made when there's not enough evidence to reject the null hypothesis and the null hypothesis is true. OB. A Type II Error is made anytime we do not reject the null hypothesis. OC. A Type II Error is made when there's not enough evidence to reject the null hypothesis, but the null hypothesis is not true. OD. A...
QUESTION 17 Suppose a firm produces pollution when it generates electricity. The cost of the pollution is called the private marginal cost. social marginal cost. marginal cost. external marginal cost QUESTION 18 Someone smoking in a crowded room is an example of a positive production externality. a negative production externality. a negative consumption externality. not an externality QUESTION 19 The cyclical deficit is the portion of the deficit created by business cycle fluctuations in GDP that is the result of...
3. For each of these examples of externalities consider a private good market. Think whether external costs/benefits are associated with the production or consumption of the good in question. Then draw a MD-MC diagram to show the effect of this externality in a free competitive market. How does free-market output of the good/service in your example differ from the socially optimal level of output? Use your graph to illustrate the deadweight loss created by the externality in question. Example 1:...
1) LTIPLE CHOICE. Choose the one alternative that best completes the statement or answer the question. 1) In recent years, as provincial goverments attempt to balance their budgets, they have increased tuition fees considerably. This increase will likely result in A) more students B) fewer students. C) under-provision of education compared to the efficient level D) over-provision of education compared to the efficient level. E) B and C 2) 2) When Good A is produced, pollution is also produced. When...
QUESTION 18 Someone smoking in a crowded room is an example of: a positive production externality. a negative production externality. a negative consumption externality. not an externality. QUESTION 19 The cyclical deficit is the portion of the deficit created by business cycle fluctuations in GDP. that is the result of nondiscretionary federal spending. the result of discretionary federal spending- that would exist if the economy were at potential GDP. QUESTION 20 A subsidy paid to buyers to correct a market...
Consider a hypothetical market for good X using the information below. Price Quantity demanded Quantity supplied 700 300 600 400 500 500 400 600 300 700 200 800 100 900 0 1000 Suppose that the production of good X generates pollution in the form of chemical runoff and that the pollution imposes a $4 cost on society for each gallon of good X produced. What is the optimal quantity of good X production? Does the market overproduce or underproduce? O...
choose the correct statement real gdp grows at a smoother rate
than potential gdp grow
Choose the correct statement. O A. Real GDP grows at a smoother rate than potential GDP grows. OB. Economic growth is illustrated as a movement along the PPF. OC. The return to full employment in an expansion phase of the business cycle is economic growth. OD. A return to full employment in a business cycle expansion is shown as a movement from inside the PPF...
Choose the correct statement(s) regarding the entropy generation (Sgen) (multiple answers possible) O A. The value of entropy generation is zero during an internally reversible process OB. A process featured with negative entropy generation is impossible OC. Entropy generation is a property of a system D. Entropy generation is always a positive quantity or zero
Choose the statement about the Lucas wedge that is correct. est O A. The Lucas wedge in 2016 is smaller than the Lucas wedge in 2000, OB. The Lucas wedge equals real GDP minus potential GDP. OC. The Lucas wedge accumulated to $790,000 per person by 2016 OD. The Lucas wedge is the dollar value of the accumulated gap between what real GDP per person would have been if the 1970s growth rate had persisted and what real GDP per...
Choose the correct statement. O A. In 2012, the world Gini ratio is approximately 0.47 O B. The average American earns 15 times the income of one of the world's 3 billion poorest people OC. The world Lorenz curve lies much farther from the line of equality than the US Lorenz curve OD. Measured by the Gini ratio, the distribution of income in the entire world became less equal between 1970 and 2005
Complete the statement below. A Type II Error is made. Choose the correct answer below. O A. A Type II Error is made when there's not enough evidence to reject the null hypothesis and the null hypothesis is true. OB. A Type II Error is made anytime we do not reject the null hypothesis. OC. A Type II Error is made when there's not enough evidence to reject the null hypothesis, but the null hypothesis is not true. OD. A...
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