In the case of global pollution, a nation that pollutes gets benefit from production but:
a. has to pay for it in terms of dirty air and water.
b. never receives any negative consequences.
c. cannot control the amount of pollution by private firms.
d. will not suffer the full costs of its own pollution and so has little incentive to control it.
Ans: d. will not suffer the full costs of its own pollution and so has little incentive to control it.
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Neither the demand nor the supply of automobiles is perfectly elastic or inelastic. If the government imposes a $1,000 tax on automobiles, then the price of an automobile buyers pay
A) increases by $1,000. B) increases by less than $1,000. C) increases by more than $1,000. D) decreases by $1,000. E) does not change.
Where pollution is prevalent, we might expect that
a. externalities are being effectively internalized b. marginal social costs are greater than marginal private costs c. marginal costs are greater than marginal benefits d. marginal private costs are greater than marginal social costs e. externalities are not important
A firm sells 300,00 . units per week. It charges $ 35 per unit, the average variable costs are $ 40, and the average costs are $ 55, the firm should
a. Shut-down as the firm is making a loss of $15 million per week b. Shut-down as the firm cannot cover the variable costs c. Both a and b d. None of the above
From the passage of the 16th amendment to the U.S. Constitution, income taxes became the primary source of income for the United States.
Answer the following statement true (T) or false (F)