Environmental Quality Is Considered to Be a Public Good

question 256

Multiple Choice

Environmental quality is considered to be a public good. This means that

• A) ultimately it is the public that pays for environmental clean-up.
• B) businesses have a responsibility to minimize their environmental pollution.
• C) everyone enjoys a cleaner environment regardless of who pays for it.
• D) society places a higher value on private goods and services.

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Definitions:

Fair Market Value

The price that property would sell for on the open market, between a willing buyer and a willing seller each having reasonable knowledge of all pertinent facts.

Gift

A transfer of property or assets from one individual to another without the expectation of payment or anything in return.

Landscape Business

A business involved in modifying the visible features of an area of land, including flora, terrain shape, and structures.

Section 1231 Gain

relates to a gain from the sale or exchange of certain types of business property, which may be treated as either capital or ordinary gain for tax purposes.