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1. If, while producing goods and services, a factory is producing pollution and not incurring the cost of this pollution, then a(n) __________ exists. (2.5 Points)
2. In the absence of government, an under-allocation of resources generally exists for __________ . (2.5 Points)
3. Chris buys pizza for his football party and he gets to decide who will have a slice of his pizza. This means his pizza is __________ . (2.5 Points)
4. A harbor lighthouse that guides approaching ships is an example of __________ . (2.5 Points)
5. When the government imposes a tax on a firm that generates external costs, the tax is __________ . (2.5 Points)
6. Private goods are __________ . (2.5 Points)
7. Jamal and Lauren live in the countryside 30 minutes from a city in Virginia. They moved there because they wanted to enjoy the fresh air. After a year of living in their house, the 200 acres that surround their neighborhood were zoned for an industrial property. A paper mill was built on the land and now emits strong gases that can be smelled from miles away. The paper mill's emission of gases is an example of a(n. __________ . (2.5 Points)
8. An external cost of production is __________ . (2.5 Points)
9. Based on society's perspective, what are the benefits from pollution abatement? (2.5 Points)
10. 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. (2.5 Points)
11. The government imposes taxes on firms that generate external costs in an effort to __________ . (2.5 Points)
12. Which of the following would NOT be considered a public good? (2.5 Points)
13. When the government taxes a firm that generates an external cost, the profit maximizing firm will produce __________ . (2.5 Points)
14. The study of external costs is a major concern of __________ . (2.5 Points)
15. Recall the application about the marginal cost and marginal benefit of reducing methane emissions. What does the optimal level of methane abatement depend on? (2.5 Points)
16. Which of the following would be an example of an external benefit? (2.5 Points)
17. The biggest problem with using a tax as a way to solve an externality problem is that __________ . (2.5 Points)
18. Which of the following is an example of an external cost? (2.5 Points)
19. Public goods are __________ . (2.5 Points)
20. The idea behind the pollution tax equal to the external cost per unit of pollution is to __________ . (2.5 Points)
21. Which of the following is a reason why the marginal product increases as output increases? (2.5 Points)
23. Consumers should allocate their scarce income so that __________ . (2.5 Points)
24. The satisfaction experienced from consuming a good or service is referred to as __________ . (2.5 Points)
(2.5 Points) 25. Total economic costs include __________ .
26. According to the law of diminishing marginal utility __________ . (2.5 Points)
(2.5 Points)32. Maxine has a fixed income per month to spend on goods and services, so in allocating her limited income over a set of goods, she should purchase the goods that __________ . (2.5 Points)33. From 1998 to 2010, the cost of electricity produced with nuclear power has __________ and the cost of electricity produced with solar power has __________ . (2.5 Points)34. 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? (2.5 Points)35. The principle of opportunity cost is __________ . (2.5 Points)36. You are the owner and only employee of a company that repairs computers. Last year, you earned total revenues of $75,000. Your costs for equipment, rent, and supplies were $10,000. To start this business you quit a job at another computer software firm that paid $40,000 a year. During the year, your economic costs were __________ . (2.5 Points)37. Suppose that Erin spends all of her income on two goods: pizza and fiction novels. If the price of pizza rises, then __________ . (2.5 Points)38. You are the owner and only employee of a company that repairs computers. Last year, you earned total revenues of $75,000. Your costs for equipment, rent, and supplies were $10,000. To start this business you quit a job at another computer software firm that paid $40,000 a year. Last year, your economic profits were __________ . (2.5 Points)39. Utility can be thought of as the same as __________ . (2.5 Points)40. 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? (2.5 Points) 27. 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 __________ . (2.5 Points)28. If marginal product is negative, then __________ . (2.5 Points)29. A firm's objective is to maximize its economic profit, which is __________ . (2.5 Points)30. The short run can be defined as any period of time __________ . (2.5 Points)31. Marginal utility is the
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1. If, while producing goods and services, a factory is producing pollution and not incurring the cost of this pollution, then a(n) __________ exists. (2.5 Points)
2. In the absence of government, an under-allocation of resources generally exists for __________ . (2.5 Points)
3. Chris buys pizza for his football party and he gets to decide who will have a slice of his pizza. This means his pizza is __________ . (2.5 Points)
4. A harbor lighthouse that guides approaching ships is an example of __________ . (2.5 Points)
5. When the government imposes a tax on a firm that generates external costs, the tax is __________ . (2.5 Points)
6. Private goods are __________ . (2.5 Points)
7. Jamal and Lauren live in the countryside 30 minutes from a city in Virginia. They moved there because they wanted to enjoy the fresh air. After a year of living in their house, the 200 acres that surround their neighborhood were zoned for an industrial property. A paper mill was built on the land and now emits strong gases that can be smelled from miles away. The paper mill's emission of gases is an example of a(n. __________ . (2.5 Points)
8. An external cost of production is __________ . (2.5 Points)
9. Based on society's perspective, what are the benefits from pollution abatement? (2.5 Points)
10. 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. (2.5 Points)
11. The government imposes taxes on firms that generate external costs in an effort to __________ . (2.5 Points)
12. Which of the following would NOT be considered a public good? (2.5 Points)
13. When the government taxes a firm that generates an external cost, the profit maximizing firm will produce __________ . (2.5 Points)
14. The study of external costs is a major concern of __________ . (2.5 Points)
15. Recall the application about the marginal cost and marginal benefit of reducing methane emissions. What does the optimal level of methane abatement depend on? (2.5 Points)
16. Which of the following would be an example of an external benefit? (2.5 Points)
17. The biggest problem with using a tax as a way to solve an externality problem is that __________ . (2.5 Points)
18. Which of the following is an example of an external cost? (2.5 Points)
19. Public goods are __________ . (2.5 Points)
20. The idea behind the pollution tax equal to the external cost per unit of pollution is to __________ . (2.5 Points)
21. Which of the following is a reason why the marginal product increases as output increases? (2.5 Points)
23. Consumers should allocate their scarce income so that __________ . (2.5 Points)
24. The satisfaction experienced from consuming a good or service is referred to as __________ . (2.5 Points)
(2.5 Points) 25. Total economic costs include __________ .
26. According to the law of diminishing marginal utility __________ . (2.5 Points)
(2.5 Points)32. Maxine has a fixed income per month to spend on goods and services, so in allocating her limited income over a set of goods, she should purchase the goods that __________ . (2.5 Points)33. From 1998 to 2010, the cost of electricity produced with nuclear power has __________ and the cost of electricity produced with solar power has __________ . (2.5 Points)34. 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? (2.5 Points)35. The principle of opportunity cost is __________ . (2.5 Points)36. You are the owner and only employee of a company that repairs computers. Last year, you earned total revenues of $75,000. Your costs for equipment, rent, and supplies were $10,000. To start this business you quit a job at another computer software firm that paid $40,000 a year. During the year, your economic costs were __________ . (2.5 Points)37. Suppose that Erin spends all of her income on two goods: pizza and fiction novels. If the price of pizza rises, then __________ . (2.5 Points)38. You are the owner and only employee of a company that repairs computers. Last year, you earned total revenues of $75,000. Your costs for equipment, rent, and supplies were $10,000. To start this business you quit a job at another computer software firm that paid $40,000 a year. Last year, your economic profits were __________ . (2.5 Points)39. Utility can be thought of as the same as __________ . (2.5 Points)40. 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? (2.5 Points) 27. 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 __________ . (2.5 Points)28. If marginal product is negative, then __________ . (2.5 Points)29. A firm's objective is to maximize its economic profit, which is __________ . (2.5 Points)30. The short run can be defined as any period of time __________ . (2.5 Points)31. Marginal utility is the
