Absence of Government on An Under-Allocation of Resources
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Absence of Government on An Under-Allocation of Resources
Economics Quiz 40 Questions
Question 1 of 40 2.5 Points
In the absence of government, an under-allocation of resources generally exists for __________ .
- goods with external costs
- imported goods and services
- public goods
- all of the above
Question 2 of 40 2.5 Points
Once a firm is forced to consider an external cost, the price of its product will __________ .
- increase and output will decrease
- increase and output will increase
- decrease and output will decrease
- decrease and output will increase
Question 3 of 40 2.5 Points
The biggest problem with using a tax as a way to solve an externality problem is that __________ .
- the tax sometimes increases the external cost
- damages must be estimated in financial terms to determine the correct level of the tax
- the firm will pass the entire tax onto the consumer
- the commerce clause forbids such taxes
Question 4 of 40 2.5 Points
If a producer is imposing an external cost on society, the best response would be to __________ .
- lower the producer’s taxes to offset pollution
- increase the production
- internalize the externality
- subsidize the producer
Question 5 of 40 2.5 Points
When the government imposes a tax on a firm that generates external costs, the tax is __________ .
- always borne entirely by the firm
- always borne entirely by the consumer
- usually borne by both the firm and the consumer
- borne only by the government
Question 6 of 40 2.5 Points
Recall the application about the marginal cost and marginal benefit of reducing methane emissions. What does the optimal level of methane abatement depend on?
- the level at which the polluting firms are able to maximize their profits
- the total cost of abatement
- the marginal benefit of abatement
- It is not possible to determine an optimal level of methane.
Question 7 of 40 2.5 Points
Which of the following would be an example of an external benefit?
- More people start to ride the bus and as a result air pollution is reduced.
- Firms are able to reduce their costs of production by using a more efficient technology.
- The government requires polluting firms to pay a special tax.
- A firm has just gotten permission to open a landfill on property that is adjacent to your home.
Question 8 of 40 2.5 Points
The idea behind the pollution tax equal to the external cost per unit of pollution is to __________ .
- increase the social benefit to be above the marginal cost
- internalize the externality
- allow the firm to evade external costs
- drive polluting firms out of developed countries
Question 9 of 40 2.5 Points
When the government taxes a firm that generates an external cost, the profit maximizing firm will produce __________ .
- more units of output than before the tax was imposed
- the same number of units of output as before the tax was imposed
- fewer units of output than before the tax was imposed
- either more or fewer units of output than before the tax was imposed
Question 10 of 40 2.5 Points
Based on society’s perspective, what are the benefits from pollution abatement?
- better health
- increased enjoyment of the natural environment
- lower production costs
- all of the above
Question 11 of 40 2.5 Points
An external cost of production is __________ .
- a cost incurred by someone other than the producer
- the production cost borne by a producer
- the result of the sum of private and social cost
- another word for a tax
Question 12 of 40 2.5 Points
If, while producing goods and services, a factory is producing pollution and not incurring the cost of this pollution, then a(n) __________ exists.
- government failure
- market failure
- acceptable outcome
- none of the above
Question 13 of 40 2.5 Points
Sirens located around a town to warn citizens of the approach of a tornado are an example of __________ .
- an external cost
- a private good
- a common resource
- a public good
Question 14 of 40 2.5 Points
The government imposes taxes on firms that generate external costs in an effort to __________ .
- make it easier for economists to measure external costs
- lead to a zero level of output
- force decision makers to consider the full costs of their actions
- lower the firms’ costs of production
Question 15 of 40 2.5 Points
Goods that are nonrival in consumption and that have benefits that are nonexcludable are __________ .
- private goods
- neighbor effects
- public goods
- none of the above
Question 16 of 40 2.5 Points
Markets that have external costs will produce __________ output than the socially efficient level, whereas markets that have external benefits will produce __________ output than the socially efficient level.
- less; less
- more; more
- more; less
- less; more
Question 17 of 40 2.5 Points
A harbor lighthouse that guides approaching ships is an example of __________ .
- a public good
- a private good
- a monopoly
- a good that is rival
Question 18 of 40 2.5 Points
Private goods are __________ .
- rival in consumption and their benefits are excludable
- nonrival in consumption and their benefits are excludable
- nonrival in consumption and their benefits are nonexcludable
- rival in consumption and their benefits are nonexcludable
Question 19 of 40 2.5 Points
Public goods are __________ .
- rival in consumption and their benefits are excludable
- nonrival in consumption and their benefits are excludable
- nonrival in consumption and their benefits are nonexcludable
- rival in consumption and their benefits are nonexcludable
Question 20 of 40 2.5 Points
If the government taxes a firm that is generating an external cost, the price of the firm’s product will __________ .
- increase and output will decrease
- increase and output will increase
- decrease and output will decrease
- decrease and output will increase
Question 21 of 40 2.5 Points
The short run can be defined as any period of time __________ .
- less than one year
- in which some inputs are fixed
- in which all inputs are variable
- in which price is fixed
Question 22 of 40 2.5 Points
Dan owns a factory that manufactures smartphones. He has many costs every month to keep his factory running. Which of the following is one of Dan’s fixed costs?
- plastic used to make the smartphones
- his electricity bill for the factory
- his mortgage on the factory
- memory devices used to store music and video on the smartphones
Question 23 of 40 2.5 Points
Dan is an entrepreneur who invests in commercial and residential real estate. He has a savings account with $100,000 that earns 1% APY. Dan wants to buy a house that will give him a monthly cash inflow of $200. What will be the opportunity cost of investing in the house?
- $1,000
- $1,200
- $800
- $200
Question 24 of 40 2.5 Points
Juan is consuming three sandwiches and six sodas. If a sandwich costs twice as much as a soda, then __________ .
- Juan should buy more sodas
- Juan should buy more sandwiches
- Juan is maximizing his utility if he derives twice as much utility from the last soda as from the last sandwich
- Juan is maximizing his utility if he derives twice as much utility from the last sandwich as from the last soda
Question 25 of 40 2.5 Points
Consumers should allocate their scarce income so that __________ .
- the marginal utility for all goods consumed is zero
- the marginal utility for all goods consumed is equal
- the marginal utility divided by price is equal for all goods consumed
- the marginal utility divided by price is maximized for all goods consumed
Question 26 of 40 2.5 Points
Suppose that / </ . This implies that __________ .
- spending a dollar less on Y and spending a dollar more on X increases utility
- spending a dollar less on X and spending a dollar more on Y increases utility
- X is more expensive than Y
- Y is more expensive than X
Question 27 of 40 2.5 Points
Brandon eats four slices of pizza on a Sunday night but admits each slice of pizza doesn’t taste as delicious as the previous one. This suggests that for Brandon __________ .
- the marginal utility of a slice of pizza is positive but decreasing
- the marginal utility of a slice of pizza is negative but increasing
- the total utility of slice of pizza is declining by larger and larger increments
- the total utility of slice of pizza is increasing by larger and larger increments
Question 28 of 40 2.5 Points
Sarah has a savings account with a $1,000 balance that earns 3% APY. She decides to withdraw the entire balance to buy a laptop computer. What will be her opportunity cost in buying the laptop?
- the cost of the laptop
- the foregone interest
- the foregone interest and the cost of the laptop
- the cost of the laptop minus the foregone interest
Question 29 of 40 2.5 Points
The equimarginal rule __________ .
- equates the marginal utility per dollar spent on each good purchased
- states that in order to maximize utility the consumer should buy more of those goods with a high marginal utility
- states that in order to maximize utility the consumer should buy more of those goods that cost less
- none of the above
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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