Exam 4

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ECON 101 Exam 4

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1.  The command-and-control strategy for pollution reduction refers to: 
A.
B.
C.
D.
2.  The natural monopolist's preferred outcome violates the competitive principle of: 
A.
B.
C.
D.
3.  Individual farmers maximize profit by producing the level of output where: 
A.
B.
C.
D.
4.  Requiring that a firm engage in pollution abatement tends to: 
A.
B.
C.
D.
5.  If firms were charged the full social opportunity cost of the resources they used, then there would be: 
A.
B.
C.
D.
6.  The distinctive characteristic of a natural monopoly is its: 
A.
B.
C.
D.
7.  If a regulatory agency decides to pursue profit regulation of a natural monopoly, price and output will be determined by the: 
A.
B.
C.
D.
8.  The reason pollution occurs is because people tend to: 
A.
B.
C.
D.
9.  Output regulations
A.
B.
C.
D.
10.  Farm price-support programs most often take the form of price: 
A.
B.
C.
D.
11.  Assigning values to environmental damage is relatively: 
A.
B.
C.
D.
12.  A natural monopoly is a desirable market structure because: 
A.
B.
C.
D.
13.  Social costs minus private costs equal: 
A.
B.
C.
D.
14.  The efficiency decision involves choosing: 
A.
B.
C.
D.
15.  Natural monopolies: 
A.
B.
C.
D.
16.  The result of maintaining above-equilibrium market prices for agricultural products is: 
A.
B.
C.
D.
17.  Which of the following is not a regulatory option when the government is trying to prevent market failure in the case of a natural monopoly? 
A.
B.
C.
D.
18.  Which of the following is true about marketable pollution permits? 
A.
B.
C.
D.
19.  Given the typical price elasticity of demand for food, a more abundant harvest than usual should, ceteris paribus, lead to: 
A.
B.
C.
D.
20.  A completely successful emission fee charge would: 
A.
B.
C.
D.
21.  Individual farmers cannot influence market prices because:
A.
B.
C.
D.
22.  The impact of price supports is to: 
A.
B.
C.
D.
23.  The primary purpose of tradable pollution permits is to: 
A.
B.
C.
D.
24.  Supply restrictions in the farming industry occur in the form of: 
A.
B.
C.
D.
25.  If the government forces a natural monopoly to produce the output where P = MC, the firm: 
A.
B.
C.
D.
26.  Response lags: 
A.
B.
C.
D.
27.  From an economic standpoint, the pursuit of a pollution-free environment is: 
A.
B.
C.
D.
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