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Economics
Quiz 11: Market Failure and Externalities
Path 4
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Question 41
Essay
Is it right to say that monetary values can be placed on pollution?
Question 42
Multiple Choice
Suppose an industry emits a negative externality such as pollution and the possible methods to internalize the externality are command-and-control policies, Pigovian taxes, and tradable pollution permits. If economists were to rank these methods for internalizing a negative externality based on efficiency, ease of implementation, and the incentive for the industry to further reduce pollution in the future, they would probably rank them in the following order (from most favoured to least favoured) :
Question 43
Essay
Using a supply and demand diagram, demonstrate how a positive externality leads to market inefficiency. How might the government help to eliminate this inefficiency?
Question 44
Essay
Using a supply and demand diagram, demonstrate how a negative externality leads to market inefficiency. How might the government help to eliminate this inefficiency?
Question 45
Multiple Choice
Which of the following is true regarding tradable pollution permits and Pigovian taxes?
Question 46
Essay
Why might government decision-making be flawed by listening to lobbying?
Question 47
Essay
Why do economists prefer Pigovian taxes over regulations as a way to protect the environment?
Question 48
Multiple Choice
Tax avoidance is
Question 49
Multiple Choice
Rent seeking best describes where
Question 50
Multiple Choice
When wealthy alumni provide charitable contributions to their universities to reduce the tuition payments of current students, it is an example of
Question 51
Essay
Use a graph to illustrate the quantity of pollution that would be emitted (a) after a corrective tax has been imposed and (b) after tradable pollution permits have been imposed. Could these two quantities ever be equivalent?