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To correct a market failure, society typically relies on a.the market to correct itself

 To correct a market failure, society typically relies on

a.the market to correct itself

b.individual producers’ cost-minimization procedures

c.the industry policing itself

d.the government to either tax, subsidize, or control output directly

e.price to reach equilibrium

92.              Privatizing a public park would most likely do all of the following except

a.create a negative externality

b.give people a more attractive park

c.allow the new property owners to earn a profit

d.assign property rights to the new owners

e.bring in government revenue through the sale

93.              Many colleges have decided to ban the use of halogen lamps because they are deemed to
                            be a fire hazard. This is an example of which type of solution?

a.creating new property forms

b.levying a pollution compensation tax

c.creating obligatory controls

d.bubble concept, similar to emission standards

e.free market efficiency

94.              A pollution compensation tax is chosen to

a.keep output stable while reducing pollution

b.increase output in a cleaner manner

c.make all users pay the same amount of tax

d.drive the polluting firms out of business in the long run

e.create enough government revenue to clean up the environment

95.              The ideal pollution tax adds how much to private cost?

a.as much as possible

b.an amount that will maximize government tax revenue

c.an amount equal to the market price

d.an amount equal to the external cost

e.nothing

96.              The most common way that the government deals with negative externalities is

a.ignoring them

b.taxing the goods that cause the negative externalities

c.controlling the quantity produced of the good that causes the negative externalities

d.privatizing them

e.to make its production illegal

97.              When the Environmental Protection Agency (EPA) assigns one emission standard to a
                            particular group of plants, this is called

a.monopoly

b.positive externalities

c.a pollution compensation tax

d.the bubble concept

e.a municipal ordinance

98.              The bubble concept refers to

a.the buying and selling of pollution rights

b.the way pollution creates a hole in the ozone layer

c.pollution due to nuclear waste

d.strict pollution standards for individual firms

e.obligatory controls

99.              A local ordinance prohibiting leaf burning is an example of

a.inefficient government

b.obligatory controls

c.a pollution compensation tax

d.the bubble concept

e.creating a new property form

100.              The Environmental Protection Agency (EPA) administers all of the following acts except
                            the

a.Clean Air Act

b.Water Pollution Control Act

c.Safe Drinking Water Act

d.Toxic Substances Act

e.Federal Reserve Act

Dec 11 2019 View more View Less

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