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1、Chapter 10ExternalitiesMultiple Choice1.In a market economy, government intervention a.will always improve market outcomes.b.reduces efficiency in the presence of externalities.c.may improve market outcomes in the presence of externalities.d.is necessary to control individual greed.ANS: CPTS: 1DIF:
2、1REF: 10-0TOP: ExternalitiesMSC: Applicative2.In the absence of externalities, the invisible hand leads a market to maximizea.producer profit from that market.b.total benefit to society from that market.c.both equity and efficiency in that market.d.output of goods or services in that market.ANS: BPT
3、S: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Applicative3.One advantage market economies have over other types of economies is that market economiesa.provide an equal distribution of goods and services to consumers.b.establish government economic control.c.solve the problem of scarcity.d.are more effic
4、ient.ANS: DPTS: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Applicative4.The term market failure refers toa.a market that fails to allocate resources efficiently.b.an unsuccessful advertising campaign which reduces demand.c.ruthless competition among firms.d.a firm that is forced out of business because
5、of losses.ANS: APTS: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Definitional5.Market failure can be caused bya.too much competition.b.externalities.c.low consumer demand.d.scarcity.ANS: BPTS: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Interpretive6.An externality is the impact ofa.societys decisions on the
6、well-being of society.b.a persons actions on that persons well-being.c.one persons actions on the well-being of a bystander.d.societys decisions on the poorest person in the society.ANS: CPTS: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Definitional7.The impact of one persons actions on the well-being of
7、 a bystander is calleda.an economic dilemma.b.deadweight loss.c.a multi-party problem.d.an externality.ANS: DPTS: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Applicative8.An externalitya.is a type of market failure.b.causes markets to allocate resources efficiently.c.strengthens the role of the “invisibl
8、e hand” in the marketplace.d.affects producers but not consumers.ANS: APTS: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Interpretive9.Dog owners do not bear the full cost of the noise their barking dogs create and often take too few precautions to prevent their dogs from barking. Local governments addres
9、s this problem bya.making it illegal to disturb the peace.b.having a well-funded animal control department.c.subsidizing local animal shelters.d.encouraging people to adopt cats.ANS: APTS: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Applicative10.An externality isa.the costs that parties incur in the pro
10、cess of agreeing and following through on a bargain.b.the uncompensated impact of one persons actions on the well-being of a bystander.c.the proposition that private parties can bargain without cost over the allocation of resources.d.a market equilibrium tax.ANS: BPTS: 1DIF: 1REF: 10-0TOP: Externali
11、tiesMSC: Definitional11.An externality is an example ofa.a corrective tax.b.a tradable pollution permit.c.a market failure.d.Both a and b are correct.ANS: CPTS: 1DIF: 1REF: 10-0TOP: ExternalitiesMSC: Applicative12.An externality exists whenever a.the economy can benefit from government intervention.
12、b.markets are not able to reach equilibrium.c.a firm sells its product in a foreign market.d.a person engages in an activity that influences the well-being of a bystander and yet neither pays nor receives payment for that effect.ANS: DPTS: 1DIF: 2REF: 10-0TOP: ExternalitiesMSC: Definitional13.When e
13、xternalities are present in a market, the well-being of market participantsa.and market bystanders are both directly affected.b.and market bystanders are both indirectly affected.c.is directly affected, and market bystanders are indirectly affected.d.is indirectly affected, and market bystanders are
14、 directly affected.ANS: CPTS: 1DIF: 2REF: 10-0TOP: ExternalitiesMSC: Analytical14.Which of the following statements about a well-maintained yard best conveys the general nature of the externality?a.A well-maintained yard conveys a positive externality because it increases the homes market value.b.A
15、well-maintained yard conveys a negative externality because it increases the property tax liability of the owner.c.A well-maintained yard conveys a positive externality because it increases the value of adjacent properties in the neighborhood.d.A well-maintained yard cannot provide any type of externality.ANS: CPTS: 1DIF: 2REF: 10-0TOP: ExternalitiesMSC: Applicative15.Since restored historic buildings convey a positive externality, local go
