Externality - Study guides, Class notes & Summaries

RMI 3567 Exam 2 Questions and Answers Already Passed What are three positive externalities that occurred due to access to terrorism insurance? 1. facilitates real estate transaction 2. strengthens businesses' ability to operate in risky areas 3. protects wealth/savings of households in risky areas Pollution from gasoline in a car or industrial pollution would be examples of what? negative externality This is the most common terrorism model for insurance risk pool What are the t...

EC238 Test Bank - Quiz Bank Environmental Economics Questions and Answers Latest. Chap 1_4ce Student: 1. A(n) in the economic world is something that leads people to channel their production and consumption efforts in a specific direction. A. moral obligation C. property right D. ethical motive 2. Any economic system will produce destructive environmental impacts if the within the system are not structured to avoid them. A. ethics B. prices D. incentives 3. A small coastal community...

MGT 300 Exam 2 Latest Update 100% Correct Ethics The moral principles, values, and beliefs that govern group or individual behavior according to what is right or wrong and what contributes to the balanced good of all stakeholders Ethical Dilemma A situation in which no choice is entirely right Preconventional Stage An individual's moral decisions is based primarily on self-protection or self-interest Does things based on rewards/punishment Conventional Stage An individual's...

EC238 Test Bank - Quiz Bank Environmental Economics Questions and Answers Latest. Chap 1_4ce Student: 1. A(n) in the economic world is something that leads people to channel their production and consumption efforts in a specific direction. A. moral obligation C. property right D. ethical motive 2. Any economic system will produce destructive environmental impacts if the within the system are not structured to avoid them. A. ethics B. prices D. incentives 3. A small coastal community...

EC 248 Final Exam | Complete Solutions (Verified Answers) Health care a) is the most important determinant of health in OECD countries. b) is the most expensive determinant of health in OECD countries. c) spending continues to grow rapidly in most OECD countries. d) sector is one of the largest sectors in most OECD countries. What statement best describes a health system? a) Aspects of society that have an important bearing on the health care of individuals and the population. b) Aspects of so...

Why might the Simple Multiplier be an inaccurate measure of the total amount of money circulating in an economy from a given direct investment into the economy? - Answer-The Simple Multiplier assumes a closed economy. In an open economy there would likely be leakages out of the 'local' economy. If the marginal propensity to consume is 0.6 and a direct investment of $1,000,000 is made what would be the quantity of money flowing through the economy according to the Simple Multiplier? - Ans...

The law attempts simultaneously to be ____________ and also maintain a reasonable degree of ____________. - correct answer -The law attempts simultaneously to be *flexible* and also maintain a reasonable degree of *certainty* Laws provide a framework within society. They are made *prescriptively* and *proscriptively*. What do each of these terms mean? - correct answer -*Prescriptively* - command conduct which must be done *Proscriptively* - command conduct which must NOT be done What tw...

Society's Goal correct answers To produce an optimal mix of output Optimal mix of output correct answers the most desirable combination of output attainable using existing resources, technology, and social values. Market Failure correct answers an imperfection in the market mechanism that prevents optimal outcomes. Public goods. Externalities. Market power. Inequity. correct answers Specific sources of market failure are: Private good correct answers a good or service whose consu...

Economics is best defined as the study of how to run a business most profitably. True or False. - ANSWER False Exhaust from a factory that increases health risks for people living near the factory is an example of an externality. True or False. - ANSWER True In 2008 and 2009, the U.S. economy experienced a deep economic downturn. If there is a short- run trade-off between inflation and unemployment, to combat the high unemployment, President Obama should have pursued an inflationary policy...

Not all welfare changes are associated with ______________ _________________ correct answers monetary transactions Person A --- Affects ---> Person B No money transfer correct answers An negative externality arises Which of the following is an example of a positive externality? a) air pollution b) a nice garden in front of your neighbor's house c) a person throwing garbage in a public park d) a noisy neighbor holding a party next to your door correct answers b) a nice garden ...