Homework Answers
1. A. Marginal social benefit
1. B. Marginal private benefit
Explanation: Marginal social benefit refers to the benefits received by society as a whole for consuming one more unit. Marginal private benefit refers to the benefits received by the consumer itself.
2. A. Social benefit exceeds private benefit
2. B. Too little output
Explanation: In positive externality, social benefit is higher than private benefits. It leads to under production.
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a.) The additional benefit to society - including benefits to the consumer, but also counting benefits...
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...
A negative externality is when_ _hlank #1) consumption (blank #2) leading to production or Blank #1:...
A negative externality is when_ _hlank #1) consumption (blank #2) leading to production or Blank #1: A. demand exceeds supply . в. social benefits exceed private benefits C. social costs exceed private costs D. marginal costs exceed total costs Blank # 2 A. excessively expensive . В. too much C. the wrong kind of D. too little Ш
Products that create external benefits are over-consumed because the private benefits exceed the private costs under...
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 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 O but only in the presence of government regulation if consumers have more information regarding...
1. Pigovian Taxes Widgets are a necessary part of modern life, but they are also associated...
1. Pigovian Taxes Widgets are a necessary part of modern life, but they are also associated with considerable pollution and pollution-related externalities. Consider the private market for widgets described by the following private marginal benefit (MB) and private marginal cost (PMC) curves: ????= 100 − 0.15???? ??????= 4 + 0.06????. where ???? is the quantity demanded and ???? is the quantity supplied. Assume here that output (???? and ????) varies from 0 to 1000. After plotting these curves, use them...
QUESTION 29 Because of education society experiences a a. positive private benefit b. positive private cost...
QUESTION 29 Because of education society experiences a a. positive private benefit b. positive private cost c. positive externality d. negative externality QUESTION 30 over the last 50 years. Spending per student in the U.S. has ca. not exhibited any growth b. experienced inconsistent rates of growth c. grown rapidly cd.grown slowly QUESTION 31 Governments allocate large budgets to education at K-12 and university levels because and to ca education generates positive externalities for society, increase people's incentives to obtain...
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...
Which one of the following statements about positive externalities is false? A. A positive externality is...
Which one of the following statements about positive externalities is false? A. A positive externality is a positive side effect of an economic transaction that affects those not directly involved in the transaction B. Installing a solar panel produces a positive externality C. Unregulated markets produce too few of the goods and services that have positive externalities. D. Markets with positive externalities do not need government intervention to operate efficiently E. Positive externalities represent an additional benefit to society, over...
Which one of the following statements about positive externalities is false? a. A positive externality is...
Which one of the following statements about positive externalities is false? a. A positive externality is a positive side effect of an economic transaction that affects those not directly involved in the transaction. b. Unregulated markets produce too few of the goods and services that have positive externalities. c. Installing a solar panel produces a positive externality. d. Markets with positive externalities do not need government intervention to operate efficiently. e. Positive externalities represent an additional benefit to society, over...
61. A positive externality ________. a. gives rise to external benefits b. imposes an additional cost...
61. A positive externality ________. a. gives rise to external benefits b. imposes an additional cost on society c. leads to a higher economic profit d, leads to increasing returns to scale 62. If the production of a good involves positive externalities, ________. a. the average cost of production of the good in the long run is zero b. the variable cost of production of the good is zero c. the market price of the good is higher than its...
using this information. The marginal private benefits for a good is represented by MPB = 80...
using this information. The marginal private benefits for a good is represented by MPB = 80 - Q while the marginal social benefits for the good is MSB = 89-Q. Additionally the marginal cost of consuming good A is represented by the equation MC = 20 + 2Q. A. What is the level of consumption that will occur if only the private benefits are considered? B. What is the efficient amount? C. Is it more or less than the amount...
A negative externality is when_ _hlank #1) consumption (blank #2) leading to production or Blank #1: A. demand exceeds supply . в. social benefits exceed private benefits C. social costs exceed private costs D. marginal costs exceed total costs Blank # 2 A. excessively expensive . В. too much C. the wrong kind of D. too little Ш
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 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 O but only in the presence of government regulation if consumers have more information regarding...
QUESTION 29 Because of education society experiences a a. positive private benefit b. positive private cost c. positive externality d. negative externality QUESTION 30 over the last 50 years. Spending per student in the U.S. has ca. not exhibited any growth b. experienced inconsistent rates of growth c. grown rapidly cd.grown slowly QUESTION 31 Governments allocate large budgets to education at K-12 and university levels because and to ca education generates positive externalities for society, increase people's incentives to obtain...
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...
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