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Macroeconomics Study Set 42

Business

Quiz 17 :

The Economics of Environmental Protection

Quiz 17 :

The Economics of Environmental Protection

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When a farmer in Manitoba produces fertilizer run-off that pollutes the local water system,
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Multiple Choice
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Answer:

E

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A paper mill discharges chemicals into a river which pollutes the shores of a downstream resort area. The private marginal cost, social marginal cost, and marginal benefit associated with the production of paper are given by the following equations: MCP = 5 + Q MCS = 10 + 2Q MB = 35 - 0.5Q. The marginal external cost at the allocatively efficient level of output is
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Answer:

D

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When an external cost associated with the production of some good has been internalized, it means that
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Answer:

C

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A paper mill discharges chemicals into a river which pollutes the shores of a downstream resort area. The private marginal cost, social marginal cost, and marginal benefit associated with the production of paper are given by the following equations: MCP = 5 + Q MCS = 10 + 2Q MB = 35 - 0.5Q. A competitive free market will produce output of units, and this amount is than the allocatively efficient level of output.
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The social marginal cost of the production of snowmobiles
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When firms in an industry have fully internalized a production externality,
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If pollution is associated with the production of some good, then
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A paper mill discharges chemicals into a river which pollutes the shores of a downstream resort area. The private marginal cost, social marginal cost, and marginal benefit associated with the production of paper are given by the following equations: MCP = 5 + Q MCS = 10 + 2Q MB = 35 - 0.5Q. The allocatively efficient level of output is units.
Multiple Choice
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A paper mill discharges chemicals into a river which pollutes the shores of a downstream resort area. The private marginal cost, social marginal cost, and marginal benefit associated with the production of paper are given by the following equations: MCP = 5 + Q MCS = 10 + 2Q MB = 35 - 0.5Q. The marginal external cost at the competitive free-market equilibrium is
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Economists generally view pollution as
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A paper mill discharges chemicals into a river which pollutes the shores of a downstream resort area. The private marginal cost, social marginal cost, and marginal benefit associated with the production of paper are given by the following equations: MCP = 5 + Q MCS = 10 + 2Q MB = 35 - 0.5Q. The marginal external cost is throughout the output range.
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The figure below shows the marginal benefit to consumers, MB, the marginal cost to private firms, MCP, and the marginal cost to society, MCS, at each level of output of some good. img FIGURE 17-1 -Refer to Figure 17-1. The socially optimal level of output is
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The figure below shows the marginal benefit to consumers, MB, the marginal cost to private firms, MCP, and the marginal cost to society, MCS, at each level of output of some good. img FIGURE 17-1 -Refer to Figure 17-1. The price that leads consumers to demand the socially optimal quantity of output is
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The figure below shows the marginal benefit to consumers, MB, the marginal cost to private firms, MCP, and the marginal cost to society, MCS, at each level of output of some good. img FIGURE 17-1 -Refer to Figure 17-1. The equilibrium output that would occur in a competitive market in the absence of government intervention is
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Suppose a firm producing roof shingles imposes a negative externality on the surrounding area due to the noxious fumes emitted from the plant. The private marginal cost, social marginal cost and marginal benefit associated with the production of the shingles are given by the following equations: MCP = 5 + 2Q MCS = 10 + 3Q MB = 50 - Q A competitive free market will produce units, at a price of per unit.
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The figure below shows the marginal benefit to consumers, MB, the marginal cost to private firms, MCP, and the marginal cost to society, MCS, at each level of output of some good. img FIGURE 17-1 -Refer to Figure 17-1. The price that would occur in a competitive market in the absence of government intervention is
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The figure below shows the marginal benefit to consumers, MB, the marginal cost to private firms, MCP, and the marginal cost to society, MCS, at each level of output of some good. img FIGURE 17-1 -Refer to Figure 17-1. What is the marginal external cost at output level Q3?
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The figure below shows the marginal benefit to consumers, MB, the marginal cost to private firms, MCP, and the marginal cost to society, MCS, at each level of output of some good. img FIGURE 17-1 -Refer to Figure 17-1. A negative externality is depicted because the
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Suppose a firm producing roof shingles imposes a negative externality on the surrounding area due to the noxious fumes emitted from the plant. The private marginal cost, social marginal cost and marginal benefit associated with the production of the shingles are given by the following equations: MCP = 5 + 2Q MCS = 10 + 3Q MB = 50 - Q The social marginal cost at the competitive equilibrium is per unit.
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A paper mill discharges chemicals into a river which pollutes the shores of a downstream resort area. The private marginal cost, social marginal cost, and marginal benefit associated with the production of paper are given by the following equations: MCP = 5 + Q MCS = 10 + 2Q MB = 35 - 0.5Q The marginal social cost at the competitive free-market equilibrium is
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