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Exam 4

27 Questions  I  By Apittman78
Exam 4
ECON 101 Exam 4

  
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Question Excerpt

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