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Question 1 option… Show more Question 1 Which of the follo

Paper help Economics Question 1 option… Show more Question 1 Which of the follo

Economics

Question 1 option… Show more Question 1 Which of the follo

Question 1 option… Show more Question 1 Which of the following is an example of a negative externality? Question 1 options: A person buys a car that is a lemon A new restaurant’s success causes another to go out of business A new hotel ruins the view of the ocean for a few homeowners A worker is injured on the job Question 2 All of the following are characteristics of public goods EXCEPT Question 2 options: The good can be consumed by everyone at the same time without reducing what is available for anyone else. Public goods can be used by more people at no additional cost. The exclusion principle. The goods are perfectly divisible. Question 3 An example of a market failure is Question 3 options: a firm is dumping toxic waste that is making people sick. unemployment. when not everyone who wants to see a major league football game can. when there is an increase in demand and a shortage develops. Question 4 The purpose of an effluent fee is to Question 4 options: encourage producers to keep the quantity produced the same while lowering the price. correct for pollution while keeping the price of the good the same as before the correction. reduce the amount produced of a good and to raise the market price. reward people producing externalities. Question 5 Granting vouchers to parents of public school students which permits sending students to private school would: Question 5 options: Shift both the demand for private and public school education to the right. Leave both demand curves unchanged. Shift the demand for private school education to the right and that of public school education to the left. Shift the demand for public school education to the right and the demand for private school education to the left. Question 6 Refer to the above figure. An external benefit exists. The amount of that benefit is represented by Question 6 options: P4. the vertical distance between D1 and D2. the distance between G and F. P3. Question 7 The economic functions of the government deal with Question 7 options: excess demand. making sure supply equal demand. discouraging smoking in youths. promoting economic efficiency. Question 8 The purpose of an effluent fee imposed on a firm is Question 8 options: to increase output of its product by reducing the resources allocated to production. to reduce output by increasing production costs thereby reducing resources used. to increase output of its product by increasing the resources allocated to production. none of the above Question 9 A shift from S1 to S2 reflects the change that happens when a negative externality is taken into account. A shift from D1 to D2 reflects the change that happens when a positive externality is account for. Refer to above figures. Prior to the shift of the graphs, which panel and which graph involved the existence of negative externality? Question 9 options: Panel 1 and S1 Panel 1 and S2 Panel 2 and D1 Panel 2 and D2 Question 10 Which of the following is a major reason why the Medicare program is in such financial trouble? Question 10 options: Workers are not paying enough into the program. There is a shortage of medical school applicants. Because medical services are subsidized by the government, both consumption by the elderly and the cost of services have increased. The government set reimbursement rates too high. • Show less

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