In a Market with External Costs, Suppose the Efficient Level

question 235

Multiple Choice

In a market with external costs, suppose the efficient level of output is 1,000 units. Which statement is TRUE?

• A) To achieve the efficient level of output, the government should set a subsidy equal to the external cost.
• B) To achieve the efficient level of output, the government could set a tax equal to the external cost or issue enough tradable allowances to restrict the output to the efficient level.
• C) With external costs, the government can use only taxes to achieve the efficient level of output.
• D) With external costs, the government can use only tradable allowances to achieve the efficient level of output.

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Definitions:

Human Population Growth

The increase in the number of individuals in a human population, often discussed in terms of its impact on the environment and resources.

Ecological Services

The benefits humans freely gain from the natural environment and properly functioning ecosystems, such as clean water, pollination, and disease control.

Frederick Taylor

Frederick Winslow Taylor was an American mechanical engineer who sought to improve industrial efficiency and is known as the father of scientific management.

Max Hawthorne

A figure not widely recognized in academic or scientific fields, potentially related to specific industries or entertainment, without a general definition available.