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Which of the following is a factor leading to pollution?


A) People are inherently dirty
B) There are property rights to the environment
C) The environment is collectively consumed
D) The law of increasing returns
E) All of the above

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Following Questions are based on the following information. In a small city located on a lake,the raw sewage of the city is dumped directly into the lakE.This has been a source of distress for citizens who like to swim,fish,and water ski.A study has been instituted to determine what value the citizens place on pollution control,and the results are listed in the following tablE.Costs of pollution control are also listed. Following Questions are based on the following information. In a small city located on a lake,the raw sewage of the city is dumped directly into the lakE.This has been a source of distress for citizens who like to swim,fish,and water ski.A study has been instituted to determine what value the citizens place on pollution control,and the results are listed in the following tablE.Costs of pollution control are also listed. -The marginal social cost of the fourth unit of pollution control is A) Zero B) $30,000 C) $90,000 D) $100,000 E) $120,000 -The marginal social cost of the fourth unit of pollution control is


A) Zero
B) $30,000
C) $90,000
D) $100,000
E) $120,000

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Direct controls,such as setting emission standards for automobiles,will achieve a pollution free environment.

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Which of the following is a service provided by the environment?


A) Use as a habitat
B) Provision of amenities
C) Provision of raw materials
D) Waste disposal
E) All of the above

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When a benefit of an action falls on other than the person (or persons) responsible for the action,which of the following exists?


A) Positive externality
B) Negative externality
C) Externality in consumption
D) Externality in production
E) External cost

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When the cost of an action falls on other than the person (or persons) responsible for the action,which of the following exists?


A) Positive externality
B) Negative externality
C) Externality in consumption
D) Externality in production
E) External cost

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -Assume that the current market demand and supply curves for Z are D<sub>2</sub> and S<sub>2</sub>.If there are negative social spillovers associated with the production of Z, A) Government should levy a per unit tax on Z to shift the supply curve toward S<sub>1</sub> B) An output greater than 0G would improve resource allocation C) Government should levy a per unit tax on Z to shift the demand curve toward D<sub>1</sub> D) An output smaller than 0G would improve resource allocation E) Both (a) and (d) -Assume that the current market demand and supply curves for Z are D2 and S2.If there are negative social spillovers associated with the production of Z,


A) Government should levy a per unit tax on Z to shift the supply curve toward S1
B) An output greater than 0G would improve resource allocation
C) Government should levy a per unit tax on Z to shift the demand curve toward D1
D) An output smaller than 0G would improve resource allocation
E) Both (a) and (d)

Correct Answer

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Marginal private cost (MPC) always includes:


A) The price of a good in the market
B) The extra costs of production of one more unit of a good
C) The additional benefits received by consumers from the consumption of the good
D) The costs imposed on society from pollution
E) The expenditures by government to control negative externalities

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -The value of well-being lost due to under-production of the water-using firm's product is equal to area A) acd B) abd C) bed D) deg E) dgf -The value of well-being lost due to under-production of the water-using firm's product is equal to area


A) acd
B) abd
C) bed
D) deg
E) dgf

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Human production processes do not include which of the following services?


A) Mineral deposits,such as coal and iron
B) Renewable resources,like timber and plant products
C) Technological advances in production
D) Recycling of waste materials,such as chemical wastes
E) All of the above

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The establishment of property rights to the environment would not,on its own,lead to the optimal level of pollution control.

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In the case of an upstream paper mill that pollutes water used by a downstream power plant forcing the latter to clean the water it uses,the costs of pollution by the paper industry are borne by both the consumers and producers of electricity.

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -A tax of M<sub>0</sub> per unit on polluted discharge will induce the firm to clean up A) Q<sub>1</sub> B) More than q<sub>1</sub> C) Q D) More than q but less than q<sub>1</sub> E) Zero -A tax of M0 per unit on polluted discharge will induce the firm to clean up


A) Q1
B) More than q1
C) Q
D) More than q but less than q1
E) Zero

Correct Answer

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Pollution rights markets


A) Have been shown to work in theory,but not in practice
B) Have never been used in the real world
C) Are used around the world,but not in the United States
D) Have been used to reduce sulfur dioxide emissions
E) Have not been effective in controlling sulfur dioxide emissions

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Implicit costs are opportunity costs.

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -If Z is pollution control,which of the following shifts illustrates the effect on the market for pollution control if new technology to control pollution is developed? A) D<sub>1</sub> to D<sub>2</sub> B) D<sub>2</sub> to D<sub>1</sub> C) S<sub>1</sub> to S<sub>2</sub> D) S<sub>2</sub> to S<sub>1</sub> E) None of the above -If "Z" is pollution control,which of the following shifts illustrates the effect on the market for pollution control if new technology to control pollution is developed?


A) D1 to D2
B) D2 to D1
C) S1 to S2
D) S2 to S1
E) None of the above

Correct Answer

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Pollution occurs when the environment cannot recycle all the waste dumped into it.

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -A tax of T<sub>1</sub> per unit on polluted discharge will induce the firm to A) Clean its discharge up to q<sub>1</sub> units per day rather than pay the tax B) Pay the tax rather than clean discharge up to q<sub>1</sub> units per day C) Clean its discharge exceeding q<sub>1</sub> units per day rather than pay the tax D) Pay the tax on all units E) (a) and (d) -A tax of T1 per unit on polluted discharge will induce the firm to


A) Clean its discharge up to q1 units per day rather than pay the tax
B) Pay the tax rather than clean discharge up to q1 units per day
C) Clean its discharge exceeding q1 units per day rather than pay the tax
D) Pay the tax on all units
E) (a) and (d)

Correct Answer

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -Which curve is the firm's MPB curve? A) D B) S C) X<sub>1</sub> D) X<sub>2</sub> E) None of the above -Which curve is the firm's MPB curve?


A) D
B) S
C) X1
D) X2
E) None of the above

Correct Answer

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The level of dissolved oxygen is an important measure of water quality.

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