Econ 12 Questions Correctly Answered.

Econ 12 Questions Correctly Answered. The International Ecotourism Society estimates that international tourists interested in seeing nature or wildlife spend over - CORRECT ANSWER $450 billion per year. The term ____________ refers to a market exchange that affects a third party who is outside or external to the exchange. - CORRECT ANSWER spillover Marketable permits can be viewed as a form of improved _______________. - CORRECT ANSWER property rights The objective of imposing a higher pollution tax is to - CORRECT ANSWER provide adequate incentive for firms to reduce their emissions by more. When a government establishes a marketable permit program to address environmental pollution, it is actually issuing a form of - CORRECT ANSWER permit to pollute. A pollution charge is a form of tax imposed on - CORRECT ANSWER the quantity of pollution that a firm emits. A study by the Environmental Protection Agency looked at the costs and benefits of the Clean Air Act from 1970 to 1990. This study found that a middle-range estimate of the health and other benefits from cleaner air was $22 trillion. This amount was about __________________ than the costs of reducing the pollution. - CORRECT ANSWER 44 times higher Because of the nature of the comprehensive environmental laws adopted during the late 1960s and early 1970s by the United States government, these laws are typically referred to as ____________________ . - CORRECT ANSWER positive regulations Low and middle-income societies correctly point out that high-income countries have historically - CORRECT ANSWER legitimately lacked moral standing in addition to all the above. Market-oriented environmental policies are ________, and __________ will work better in some situations than in others. - CORRECT ANSWER a tool-kit; specific tools The problem of pollution typically arises in ______________ economies around the world. - CORRECT ANSWER high or low-income The problem of pollution arises in primarily ______________ economies around the world. - CORRECT ANSWER both a and b Which of the following is used to describe the full spectrum of animal and plant genetic material? - CORRECT ANSWER biodiversity Traditionally, policies for environmental protection in the U.S. have focused on __________________ pollutant could be emitted. - CORRECT ANSWER setting limits for how much of each A ___________________ would lead a large greenhouse gas emitter to reduce emissions by less. - CORRECT ANSWER lower pollution tax Two rubber companies, Boing and Twang, are currently producing along, and polluting, the same river. Both companies are considering whether to install pollution filters on their factories. These filters cost $15 million each. If a filter is installed, there is a benefit of $20 million, but this benefit is divided equally between the two companies. If both firms install the filters, then Boing will earn ________ and Twang will earn ________ . - CORRECT ANSWER $5 million, $5 million Bulgaria primarily produces two goods, nesting dolls and grapes. The production of both goods primarily requires labor. The following table shows possible combinations of nesting dolls and grapes. Which of the following points is more likely to represent a market-oriented policy? - CORRECT ANSWER E A country is currently creating 40 million tons of toxic waste per year. The table below shows the marginal costs and benefits of reducing the amount of toxic waste to various amounts. What level of toxic waste should the country reduce to? - CORRECT ANSWER 10 million tons Four companies, Alpha, Beta, Gamma and Delta, are burning coal to produce electricity. As a result, they also produce emissions. In the table below, the first row of shows the total pounds of emissions