Question

23. Suppose the Environmental Protection Agency (LRT mental Protection Agency (EPA) wants to mandate that all methane emissions must be reduced to zero in order to alleviate global warming in the United States. Which of the following describes why most economists would disagree with this policy a. The environment is not worth protecting b. Reducing methane emissions is desirable, but whatever level of pollution firms decide to emit privately is already efficient c. The opportunity cost of zero pollution is much higher than its benefit d. It's impossible to enforce a zero-methane-emission policy: this would entail that all people must stop flatulating (which contain sulfur); it would also adversely affect both spicy food and bean crop industries, which would generate a petarade of inefficiencies. e. Both C and D 24. Pell Grants can be seen as a. Taxes on citizens designed to reduce the quantity individuals works b. A command and control policy to get more people to go to college C. A way to get every person in the market to go to college d. A subsidy to increase the quantity of people going to college which benefits the economy and community e. A subsidy to increase the quantity of people going to college because it will greatly benefit those people who go to college. 25. A private good is best described as a. Excludable and rival in consumption b. Excludable and non-rival in consumption c. Non-excludable and rival in consumption d. Non-excludable and non-rival in consumption 26. A common resource is best described as a. Excludable and rival in consumption b. Excludable and non-rival in consumption

Answer 1

23. Ans - c) the opportunty cost of zero pollution is much higher than its benefit'

Achieving zero level of pollution is socially undesriable in the sense that it means cutting back on production activities to almost zero and adopting greener technologies. The opportunity cost of zero poluution is the value of production activties cut down and large money spent on adopting greener technologies.

Instead of trying to set up a zero-pollution goal, governemnt should instead focus on reducing pollution levels step by step and that too efficiently.

24. Ans - d) A subsidy to increase the quantity of people going to college which benefits the economy and community.

25. Ans - a) excludable and rival in consumption

26. Ans - c) Non- excludable and rival in consumption

**As per HomeworkLib policy only first question is allowed however i answered 4 questions**