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1、Microeconomics - Testbank 1 (Hubbard/OBrien) Chapter 5 Exernalities, Environmental Policy, and Public Goods1) An externality is: A) a benefit realized by the purchaser of a good or service. B) a cost paid for by the producer of a good or service. C) a benefit or cost felt by someone who is not a pro
2、ducer or consumer of a good or service. D) anything that is external or not relevant to the production of a good or service. 2) If your neighbor burns auto tires in the yard and you can smell them and cannot see sunlight because of the black smoke, you are experiencing: A) a positive externality. B)
3、 a negative externality. C) a private cost. D) a private benefit. 3) Externalities: A) should be banned. B) should be subsidized. C) can either be positive or negative. D) are what the private consumer and producer in an exchange realize. 4) If you buy a sweater to keep you warm in the winter, you a
4、re experiencing a: A) private benefit. B) external benefit. C) social cost because it cost you some money. D) loss of consumer surplus. 5) If a negative exrternalitiy exists in reality, it will be experienced by: A) some people not directly involved in the production or consumption of the good or se
5、rvice. B) the producer of the good or service. C) the consumers of the good or service. D) the government. 6) An example of a positive externality would be: A) cleaning up the sidewalk on your block. B) graduating from college. C) repainting the house you live in. D) all of the above. 7) Which of th
6、e following is correct? A) Private cost equals external cost. B) Private benefit plus external benefit equals social benefit. C) External cost minus private cost equals social cost. D) Private benefit equals external benefit minus social benefit. 8) Why might even well-meaning producers in a market
7、economy pollute? A) To avoid the external costs of production B) By polluting, supply is reduced and market price increases. C) Polluting producers are being irrational. D) There is no good reason why some producers pollute. 9) If there is pollution in producing a good and service, then: A) equilibr
8、ium price is too high and equilibrium quantity is too low. B) equilibrium price and equilibrium quantity are too low. C) equilibrium price and equilibrium quantity are too high. D) equilibrium price is too low and equilibrium quantity is too high. 10) Because producers do not bear the external cost
9、of pollution: A) the economically efficient level of production is achieved. B) production is below the economically efficient level. C) production is beyond the economically efficient level. D) the market price is too high. Refer to Figure 5.1 for the questions below.Figure 5.111) Figure 5.1 shows:
10、 A) a positive externality. B) a negative externality. C) common property. D) a public good. 12) In figure 5.1 the firm wants to produce: A) Q1. B) Q2. C) Q3. D) Q4. 13) In figure 5.1 the efficient output is: A) Q1. B) Q2. C) Q3. D) Q4. 14) When a competitive market equilibrium is economically effic
11、ient: A) there is a positive deadweight loss. B) producer and consumer surplus are exactly equal in size. C) there are no positive and no negative external effects from consumption and production. D) All of these must be correct. 15) Which of the following is true when a negative external effect cre
12、ates a deadweight loss? A) The marginal benefit to consumers is equal to the marginal cost to society of the last units produced. B) The marginal benefit to consumers is above the marginal cost to society of the last units produced. C) The marginal benefit to consumers is below the marginal cost to
13、society of the last units produced. D) None of these are true. 16) When there is a positive externality in a free market, there is: A) too much of the good produced and consumed. B) too little of the good produced and consumed. C) the right amount of the good produced and consumed. D) an economicall
14、y efficient level of production and consumption. 17) When there is a positive externality, then: A) the marginal private benefit is less than the marginal social benefit at equilibrium. B) the marginal private benefit is greater than the marginal social benefit at equilibrium. C) the marginal privat
15、e benefit is equal to the marginal social benefit at equilibrium. D) the marginal private costs are declining. Refer to Figure 5.2 for the questions below.Figure 5.218) If figure 5.2, the firm wants to produce: A) Q1. B) Q2. C) Q3. D) Q4. 19) If figure 5.2, the efficient output is: A) Q1. B) Q2. C)
16、Q3. D) Q4. 20) If figure 5.2, the dead weight loss due to the externality is: A) F+J B) H+L C) T+U D) A+B+C+E+F 21) The level of pollution in reality should be: A) reduced completely to zero because by definition, it is a negative external effect. B) ignored because it has always been present since the beginning of history. C) reduced to the point where the marginal benefit is equal to the
