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Question 1. From society\'s point of view, the amount of air and water pollution

ID: 1244246 • Letter: Q

Question

Question 1. From society's point of view, the amount of air and water pollution that currently exists is excessive. Which of the following statements are explanations of this excessive pollution? a. All of the above. b. Private property rights for clear air and clean water are not currently well defined by the judicial system; hence private individuals cannot charge polluters for the external costs these polluters impose on private individuals. c. Firms that cause air and water pollution are not paying the full social costs of producing their output. d. Consumers, who purchase goods from firms that pollute, are not paying a price for these goods which totally reflects the social costs of producing the goods. Question 2. A nation should specialize in the production of the product for which it has a(n): a. specialization. b. exchange rate. c. absolute advantage. d. terms of trade. e. comparative advantage.

Explanation / Answer

b. Private property rights for clear air and clean water are not currently well defined by the judicial system; hence private individuals cannot charge polluters for the external costs these polluters impose on private individuals. a. specialization

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