
4.1.8.4 Externalities NOTES
Authored by James Hannaford
Social Studies
Professional Development
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are externalities in economic terms?
The internal costs a company bears during production
The divergence between private and social costs and benefits
The taxes imposed on a product
The profits a company makes from its operations
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean by private costs and benefits?
Governmental expenses and revenues
Environmental impacts of industrial activities
Expenses and benefits for individuals or firms directly involved in a transaction
Costs and benefits experienced by the entire society
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are social costs?
Costs borne solely by the producing company
Revenues generated from a public service
Benefits received by the local community
The sum of private and additional societal costs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What typically happens when there is a negative externality?
The product is banned from the market
The product is fairly priced
The product is overproduced
The product is under-produced
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a firm overproduce when there are negative externalities?
To comply with government regulations
To maximize profits by ignoring external costs
To enhance community welfare
To reduce the harmful effects on society
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common consequence of positive externalities?
Increased government subsidies
Perfect allocation of resources
Under-production or under-consumption of the good or service
Overconsumption of the good or service
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do well-defined property rights affect externalities?
They decrease company profits
They exacerbate the effects of externalities
They have no impact on externalities
They help internalize the costs and benefits of actions
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