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ENEC 201 Midterm (Revised) Questions and Answers | Latest Version | 2024/2025 | 100% Pass $9.83   Add to cart

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ENEC 201 Midterm (Revised) Questions and Answers | Latest Version | 2024/2025 | 100% Pass

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ENEC 201 Midterm (Revised) Questions and Answers | Latest Version | 2024/2025 | 100% Pass What is the concept of "externality" in economics? An externality is an impact on a third party that is not directly involved in an economic transaction, like pollution affecting the public. How ca...

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  • October 29, 2024
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  • 2024/2025
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  • ENEC 201
  • ENEC 201
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ENEC 201 Midterm (Revised) Questions
and Answers | Latest Version | 2024/2025
| 100% Pass
What is the concept of "externality" in economics?


✔✔An externality is an impact on a third party that is not directly involved in an economic

transaction, like pollution affecting the public.




How can a carbon tax help reduce emissions?


✔✔A carbon tax increases the cost of emitting greenhouse gases, incentivizing businesses and

individuals to reduce their emissions.




What does "sustainable development" aim to achieve?


✔✔Sustainable development aims to meet current needs without compromising the ability of

future generations to meet their own needs.




Why is cost-benefit analysis important in environmental policy?


✔✔It helps policymakers weigh the economic benefits of an action against its environmental and

social costs.




1

,What is the purpose of a cap-and-trade system?


✔✔Cap-and-trade limits total emissions by allowing companies to buy or sell allowances,

encouraging reductions.




What does "tragedy of the commons" refer to?


✔✔It describes how individuals, acting in their self-interest, can deplete shared resources,

harming everyone in the long run.




How does an emissions trading system work?


✔✔It sets a cap on emissions and allows companies to trade emission permits, creating a

financial incentive to reduce emissions.




What role does marginal cost play in pollution control?


✔✔Marginal cost is the cost of reducing one additional unit of pollution, helping to find the most

cost-effective level of reduction.




Why might governments subsidize renewable energy?


✔✔To encourage the use of cleaner energy sources and reduce reliance on fossil fuels.




2

, What is "natural capital"?


✔✔Natural capital includes resources like forests, water, and minerals that provide valuable

services to the economy and environment.




How does discounting affect environmental policy decisions?


✔✔Discounting values future costs and benefits less than current ones, influencing long-term

policy decisions.




What does "ecosystem service valuation" mean?


✔✔It involves assigning a monetary value to the benefits provided by ecosystems, like clean air

and water.




What is meant by "non-market valuation" in environmental economics?


✔✔Non-market valuation estimates the economic value of environmental goods that aren't

traded in markets, like scenic views.




How does the Coase theorem relate to pollution control?


✔✔The Coase theorem suggests that if property rights are well-defined, private parties can

negotiate solutions to pollution without government intervention.

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