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ECON 410 Midterm Exam

1. Question : (TCO 1) What term is given to pollutants that are induced by human activity?

Student Answer: Anthropogenic Pollutants

Pollutant induced by non artificial processes

Criteria Pollutant

Hazardous Pollutant

2. Question : (TCO 1) What agency oversees environmental policy planning in the U.S.?

Student Answer: Centers for Disease Control and Prevention

U.S. Department of Agriculture

Environmental Protection Agency

U.S. Food and Drug Administration

3. Question : Use the diagram to complete the following sentence.
(TCO 2) A firm achieves profit maximization at the point where __________.

Student Answer: MR is greatest

MR > MC

MR = MC

MR < MC

4. Question : (TCO 2) When the government intervenes in the market by setting the price for a good below the equilibrium price, the result would be: Student Answer: a shortage of the good. rationing of the good on first-come-first-served basis. excess demand for the good. economic inefficiency. All of the above

5. Question : (TCO 3) An example of a good that would be Good D is: Non-Excludable Excludable Non-Rivalrous Good A Good B Rivalrous Good C Good D Student Answer: a pair of shoes. clean air. a toll road. a national park.

6. Question : (TCO 3) An example of a good that would be Good C is: Non-Excludable Excludable Non-Rivalrous Good A Good B Rivalrous Good C Good D Student Answer: a pair of shoes. clean air. a toll road. a national forest.

7. Question : (TCO 3) At what point do we achieve the optimal pollution level? Student Answer: At the point where marginal benefit of one additional unit of pollution abatement equals the marginal cost of that unit At the point where marginal benefit of one additional unit of pollution abatement is greater than the marginal cost of that unit At the point where marginal benefit of one additional unit of pollution abatement is less than the marginal cost of that unit It is impossible to make this determination

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8. Question : (TCO 3) If the production of a good generates an external cost to the producer and the producer is not required to factor these costs into his decision making, then: Student Answer: the market will overproduce the good. the market will underproduce the good. the market will be efficient. the good will be sold at a price higher than it needs to be.

9. Question : (TCO 4) If markets fail to internalize an externality and the result is underproduction of a good relative to the socially desirable level, how can the government intervene to improve the efficiency in the market? Student Answer: Tax the good Ban the production of the good Subsidize the good Be more stringent with regulation

10. Question : (TCO 4) The marginal cost of improving the water quality of Lake Neighborhood by 15% is $2 million. If we want to improve the water quality further by another 15%, the additional cost of doing so would be __________. Student Answer: equal to $1 million less than $2 million equal to $2 million greater than $2 million

11. Question : (TCO 4) Which of the following is true about command-and-control regulation? Student Answer: It gives polluters the incentive to reduce pollution beyond the standard. It is usually benefit-based. It is cost effective. It always achieves the optimal pollution level.

12. Question : (TCO 5) Which of the following is not a method that can be used to estimate the benefits of environmental quality improvement: Student Answer: Averting Expenditure Method Present Value approach Hedonic Price Method Travel Cost Method

13. Question : (TCO 5) What is the Present Value of $200 received 10 years from now, assuming a discount rate of 5%? Student Answer: $123 $200 $190 $400

14. Question : (TCO 5) Which of the following is not one of the steps in the risk assessment phase? Student Answer: Dose-Response Policy Response Exposure Assessment Risk Characterization

15. Question : (TCO 5) User value is: Student Answer: the value derived from physical use of or access to an environmental good. the value received from the continuance of an environmental good. the value of a substitute environmental good. the value of a complementary environmental good.

16. Question : (TCO 1) Which of the following is NOT a policy evaluation criterion used in risk management? Student Answer: Allocative Efficiency Cost-Effectiveness Environmental Justice Pollution Prevention

17. Question : (TCO 1) The Materials Balance Diagram illustrates how economic activity impacts nature. State how the natural environment will be affected by population growth, income growth, increased recycling, and improved pollution prevention technologies. Citing the law of thermodynamics, why do we consider the benefits of recycling short term? Given these interdependencies, what policies might you advocate, and why?

18. Question : (TCO 2) Economists often extol the virtue of “market equilibrium.” Explain the concepts of consumer surplus and producer surplus, and then use these to demonstrate that equilibrium is more efficient than any other outcome in a supply and demand analysis. Give an example of a market not in equilibrium and describe the resulting loss of surplus.

19. Question : (TCO 3) Explain why air quality may be considered a public good and, consequently, why it will be inadequately provided unless the government intervenes. Define the characteristics of a public good and explain why these lead to a “market failure.” Further explain what creates the role for the government to provide the public good, and specify an example of a government agency fulfilling that role.

20. Question : (TCO 4) When policy gurus discuss policies to limit dangerous emissions, they frequently refer to cap and trade policies. Are these command and control policies or a market approach? Briefly contrast how a command and control policy approach would differ from a market approach, which is used more prevalently, and why. What does it mean to trade “pollution rights”? Is the government approving polluters’ behavior?

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