When Social Costs of Producing or Consuming a Good Exceed

question 110

Multiple Choice

When social costs of producing or consuming a good exceed private costs:

• A)a positive externality exists.
• B)an inefficiently high quantity of a good will be produced and consumed.
• C)the direct consumers of the good will bear the external costs.
• D)the individuals involved in the production of the good do not bear the private costs.
• E)the quantity of the good produced will be less than the socially efficient level.

Acknowledge the role of environmental policies in the management and disposal of hazardous waste.

Distinguish between state and federal authority in environmental regulation and enforcement.

Recognize the impact of environmental acts on public health and safety, including the regulation of pollutants and hazardous substances.

Understand the principles of environmental policy acts, including the NEPA and the responsibilities of the Council on Environmental Quality.