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Chapter12_env_protection
Question1
1/1point
1/1
point
Since 1969, when the Cuyahoga River in Ohio was so polluted that it spontaneously burst into
flame, the overall quality of water in the U.S. has
a) remained unchanged.
b) steadily improved.
c) steadily declined.
d) remained a non-issue.
Questio
n3
1/1
point
1/1
point
Which of the following is used to describe the full spectrum of animal and plant genetic material?
a) envirodiversity
b) biodiversity
c) duodiversity
d) ecodiversity
Chapter12_env_protection_negative_externalities
Question5
1/1point
d) the EPA to oversee all environmental laws and all of the above.
Questio
n6
1/1
point
Some economists argue that if privately owned firms were required to pay the social costs of their
pollution, the result would be:
Questio
n7
1/1
point
c) assert that these laws are clear of the usual fine print, loopholes and exceptions.
1/1point
The property rights approach to environmental issues often becomes highly relevant in cases
involving __________________.
b) endangered species
1/1
point
b) any nation acting alone can protect biodiversity around the world.
d)
a nation can protect biodiversity within its own borders and c.
Questio
n10
1/1
point
1/1
point
a) to reduce sulfur dioxide emissions from electric power plants to half of 1980 levels
to reduce sulfur dioxide emissions from electric power plants to half of 1970 levels
c)
d) so flat fees for excessive pollution could be determined by the federal government
Questio
1/1
n12
point
0/1point
The supply and demand conditions facing a firm that makes widgets and generates a negative
externality by dumping a highly toxic sludge in a nearby river is given in the table below.
Price
Quantity
Demanded
Quantity
Supplied without
Paying Social
Costs
Quantity
Supplied after
Paying Social
Costs
100
120
75
80
10
100
50
55
30
90
30
40
55
85
25
30
80
80
20
20
100
65
15
The equilibrium price and quantity when social costs are taken into account are
1/1point
An individual who wants others to pay for public goods, but plans to use those goods for their own
purposes, is often referred to as a ______________ .
a) free rider
b) tax evader
c) nonexcludable
d) excludable
Questio
n15
1/1
point
a)
their success will be temporary because they will inevitably fall behind other
b) innovative competitors.
they will need to find a less expensive way to add even more desirable
c) characteristics.
competitors may find a way to adapt and copy the underlying idea without incurring
d) R&D costs.
Questio
n16
1/1
point
In order for a good to be classified as ______________ , when one person uses the good, others
are also able to use it.
a) nonrivalrous
b) unrivalrous
c) nonexcludable
d)
unexcludable
Questio
n17
1/1
point
1/1
point
Chapter13investsinnewtechnology
Question19
1/1point
1/1
point
One reason some economists doubt that patent protection encourages innovation is that
economic studies show that inventors receive only __________________ of the total economic
value of their inventions in countries that ______________ .
1/1
point
Some studies done by economists have found that the original inventor receives
_________________________________________________ from innovations, while other
businesses and new product users receive the rest of the benefit.
1/1
point
For a negative externality, the __________________________ than the costs imposed on society
as a whole.
1/1point
A complementary approach to supporting R&D that does not involve the governments close
scrutiny of particular R&D projects is to give firms
1/1
point
Which of the following represents one of the methods that the government uses to promote
technology?
Chapter13problems
Question25
0/1point
A drug company is deciding how much to invest in Research and Development into finding a cure
for the common cold. The table below shows the companys demand for financial capital for R&D
of this cold drug, based on its expected rates of return from selling the cure. Every investment has
an additional 4% social return: that is, an investment that pays at least a 5% return to the drug
company will create at least a 9% return for society as a whole.
10%
$220
9%
$228
8%
$238
7%
$250
6%
$264
5%
$280
4%
$298
3%
$308
If the opportunity cost of financial capital for the drug company is 7%, the drug company will
invest ___ in R&D if it receives both the private and the social benefits of this investment.
a) $264
b) $228
c)
$308
d) $250