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Buffalo in the United States almost became extinct while cat

Paper help Economics Buffalo in the United States almost became extinct while cat

Economics

Buffalo in the United States almost became extinct while cat

Buffalo in the United States almost became extinct while cattle, an animal that pro… Show more Question 1 Buffalo in the United States almost became extinct while cattle, an animal that provides similar products, never has been close to extinction. The difference is due to Question 1 options: the greater marginal value of a buffalo relative to a steer, leading to the overharvesting of buffalo. the greater marginal value of a head of cattle relative to buffalo, leading to over-hunting of buffalo. the use of private property rights on cattle and common property rights on buffalo. cattle existing in Europe also while buffalo were specific to North America. Question 2 The sum of internal and external costs is Question 2 options: social costs. common property. private costs. internality. Question 3 When there is a resource where property rights are not well defined and there is a difference between private costs and social costs then all but which of the following is a way to close the difference? Question 3 options: Taxation. Subsidization. Regulation. The free market system. Question 4 A good that has social costs that exceed private costs has a quantity that is Question 4 options: just right. too high. too low. the best society can do. Question 5 Air pollution is a problem because Question 5 options: people make use of air without having to bear all the costs of their actions. a market economy does not provide as strong an incentive for environmental cleanup as a socialist economy. people are not environmentally conscious. people are greedy. Question 6 To the extent there is a problem of deforestation in the United States today, it is Question 6 options: limited to government-owned land where the United States Forest Service subsidizes lumber companies. limited to common property situations and of very limited consequence to the country as a whole. limited to privately owned forest land as paper companies have been going out of business. due to population growth causing cities to grow into formerly forested areas. Question 7 The most efficient way to get firms to reduce pollution is to Question 7 options: provide firms and consumers with the information about the effects of their actions and encourage them to behave responsibly. make the worst polluters shut down and go out of business. set uniform emission standards and require all firms to meet the standards. make them pay for the social costs of production and let them decide how to respond to the higher costs. Question 8 Currently municipal governments do all but the following with solid waste. Question 8 options: Bury it. Burn it. Recycle it. Throw it in the ocean. Question 9 A person removes the anti-pollution devices on his automobile. An external cost associated with this is Question 9 options: the ticket he gets when a highway patrol officer pulls him over. the feeling of guilt the person feels for violating the law. the man’s neighbor washes his car more often because of increasing smog. the man buys less gasoline, reducing the income of local gas stations. Question 10 A situation in where the benefits of an action are not fully gained by the two parties engaged in exchange is Question 10 options: internal costs. an externality. a transactions cost. an internality. • Show less

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