44. the endagered spicies act has a. had no impact on the number of endangered o

Question

44. the endagered spicies act has

a. had no impact on the number of endangered or other economic activites

b.causeed a loss of economic activities on some private land

c. further reduced the number of endangered spicies

d. saved all endangered spicies without affecting anyone

42.Which type of property would experience pollution?

a.common property

b. private property

c. corperate property

d. property help in partnership

41. one difficulty in using voluntary transactions to internalize externalities is that:

a. people usually dont understand what real opportunity cost are and that they face

b. people are motivated by self interest and are often unwilling to ingage in a transaction that might make another person better off

c.transactions costs of coming to an agreement can be very large when numerous people are involved

d.the government will not usually enforce contracts of this type

37. if pollutants from smoke stacks in a city such as newark causes people to paint their homes and cars more frequently, this implies:

a.external costs on home and car owners

b. internal cost to home and car owners

c. external benefits to the home and car owners

d. none of the above

35. if a good is produced by firms that incur all private and external costs, the price consumers pay

a.will be too high because the consumers end up paying all of the costs instead of the firm

b.will be too low

c. will be efficient since it includes all social costs

d. will be the correct but inefficient

Explanation / Answer

35. When the consumers are paying the external cost as well, the outcome is socially efficient as the externality is internalized. Hence the correct option is C.

37. If pollutants from smoke stacks in a city such as newark causes people to paint their homes and cars more frequently, this implies external costs on home and car owners since this is not a result of their action, but a result of an externality.

Hence the correct option is A.

41. one difficulty in using voluntary transactions to internalize externalities is that transactions costs of coming to an agreement can be very large when numerous people are involved.

Hence the correct option is C

42. A common property with ill-defined property rights will experiance more pollution so the correct option is A

44. The endangered species act hascauseed a loss of economic activities on some private land since its enactment

Hence the correct option is B

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