Negative externality - Study guides, Class notes & Summaries

WGU C718 Full Study Guide Questions Rated A+ What is the definition of economics? the study of how humans make decisions in the face of scarcity What are economic and accounting profits? Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit What are the characteristics of an oligopoly? 1) few firms 2) barriers to ent...

EC238 Test Bank - Quiz Bank Environmental Economics Questions and Answers Latest. Chap 1_4ce Student: 1. A(n) in the economic world is something that leads people to channel their production and consumption efforts in a specific direction. A. moral obligation C. property right D. ethical motive 2. Any economic system will produce destructive environmental impacts if the within the system are not structured to avoid them. A. ethics B. prices D. incentives 3. A small coastal community...

EC238 Test Bank - Quiz Bank Environmental Economics Questions and Answers Latest. Chap 1_4ce Student: 1. A(n) in the economic world is something that leads people to channel their production and consumption efforts in a specific direction. A. moral obligation C. property right D. ethical motive 2. Any economic system will produce destructive environmental impacts if the within the system are not structured to avoid them. A. ethics B. prices D. incentives 3. A small coastal community...

Why might the Simple Multiplier be an inaccurate measure of the total amount of money circulating in an economy from a given direct investment into the economy? - Answer-The Simple Multiplier assumes a closed economy. In an open economy there would likely be leakages out of the 'local' economy. If the marginal propensity to consume is 0.6 and a direct investment of $1,000,000 is made what would be the quantity of money flowing through the economy according to the Simple Multiplier? - Ans...

RMI 3567 Exam 2 Questions and Answers Already Passed What are three positive externalities that occurred due to access to terrorism insurance? 1. facilitates real estate transaction 2. strengthens businesses' ability to operate in risky areas 3. protects wealth/savings of households in risky areas Pollution from gasoline in a car or industrial pollution would be examples of what? negative externality This is the most common terrorism model for insurance risk pool What are the t...

WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages What is the definition of economics? - Answer ️️ -the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Answer ️️ -Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs -...

Production Possibility Frontier Supply and demand diagram showing equilibrium Supply and demand surplus Increase in demand Decrease in demand Increase in supply Decrease in supply Consumer surplus Producer surplus Inelastic demand Elastic demand Unitary elastic demand Perfectly elastic demand Perfectly inelastic demand Inelastic supply Elastic supply Substitutes diagram Ad valorem tax Tax diagram Subsi...

Not all welfare changes are associated with ______________ _________________ correct answers monetary transactions Person A --- Affects ---> Person B No money transfer correct answers An negative externality arises Which of the following is an example of a positive externality? a) air pollution b) a nice garden in front of your neighbor's house c) a person throwing garbage in a public park d) a noisy neighbor holding a party next to your door correct answers b) a nice garden ...

Which of the following would not be a negative production externality associated with tire production? - Answer the rubber used to make tires could be used to make something else Your friend is thinking of opening a video store. She estimates it would cost $500,000 a year to rent the store and buy video stock. She is planning to quit her $50,000 a year job as an accountant to run the store. If there are no other costs of operation and the store's revenue is $530,000, the accounting profit...

Society's Goal correct answers To produce an optimal mix of output Optimal mix of output correct answers the most desirable combination of output attainable using existing resources, technology, and social values. Market Failure correct answers an imperfection in the market mechanism that prevents optimal outcomes. Public goods. Externalities. Market power. Inequity. correct answers Specific sources of market failure are: Private good correct answers a good or service whose consu...