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Explain two barriers that thwart Coasian bargaining in the real world. List four things you do that could cause externalities.
Drawing from what you learned in this chapter, briefly explain a major strength and a major weakness of a free market.
Describe a situation in which you could be a free rider. Then, try to come up with a policy or procedure that would remove this temptation to free ride.
Draw the price line and indicate the quantity that should be purchased to attain social efficiency. How many days would be purchased if Craig were a free rider?
Draw a graph with miles driven in a car on the horizontal axis and dollars per mile on the vertical axis.
How can you tell whether Megan is allocating her money efficiently? If she is not, what would be a wise first step toward utility maximization?
explain why some people plant trees in their yards, while other people, with similar preferences but trees to begin with, have trees removed from their yards?
A tank behind Andre's service station has leaked a large quantity. If these are the only risk factors, what is the expected value of damage from Andre's tank?
Draw the general shape of production possibilities frontier for cattle and lumber and explain why opportunity cost of each good increases as more is produced.
Draw a graph that illustrates a rational model for deciding how much time you should spend studying environmental economics today.
Beyond the examples of ethical issues mentioned in this chapter, list two more environmental issues that you face on a regular basis.
What are four possible standards for sustainability? What is the source of energy for the building you are in or closest to?
If all of the energy from the sun were captured by solar cells with efficiency levels. How much energy could be converted to useful work each year?
What annual value would a nationwide 20 percent reduction provide to U.S. anglers? Explain which policy would be more efficient and why.
What do you see as the role for policy in bringing about the efficient treatment of natural resources and the environment?
Also ask them to guess how many reported pollution releases from U.S. offshore drilling platforms occured in 2008.
Why do you suppose that some people argue ardently that the problem is alarming?
What is the difference between GDP and NNW? Explain two reasons why environmental degradation need not accompany growth.
What discount rate would (will) you recommend if (when) you sit on the President's Council of Economic Advisors?
Explain one type of policy that you would suggest for the control of automobile emissions.
If Donna's discount rate is 10 percent, at least how many tulips must be available in two years in order to justify her waiting until then to pick them?
Of the factors determining the need for government involvement in environmental protection, which weigh most heavily in your country?
What aspects of the government in your country resemble capitalism? What aspects resemble socialism? Are there aspects of other systems of government?
In your opinion, does the ESA cause endangered species to be treated as if they had infinite value in practice? Why or why not?
Draw hypothetical palm tree demand curves as you would estimate them for each of these inhabitants, and a market demand curve for these public goods.