UMUC Principles of Microeconomics ECON 203 Homework 6 Solution
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ECON 203 Principles of Microeconomics Homework 6 Answers
1.) When technology is advancing so quickly, even a patent from, say, two years ago may be ______________, because ________________________.
2.) One reason some economists doubt that patent protection encourages innovation is that economics studies show that inventors receive only __________ of the total economic value of their inventions in countries that __________.
3.) If an alternative policy could encourage both _________________, instead of ___________, consumers would benefit.
4.) For a positive externality, _________ than the social benefits.
5.) The equilibrium price and quantity when social costs are taken into account are
6.) A pollution charge gives the trucking industry an incentive to reduce its emissions, as long as the ________ of reducing the emissions is _________.
7.) To be effective, U.S. command-and-control environmental regulation required
8.) While the U.S. command-and-control environmental regulations initiated in the 1970s have been very effective at reducing pollution, some economists have difficulty with the legislation because
9.) Some of the leading ecotourism destinations include:
10.) What type of environmental tool was adopted by the U.S. government in the 1990, in order to reduce emissions of coal burning electricity-generating plants?
11.) Marketable permits can be viewed as a form of improved ____________.
12.) Low and middle-income societies correctly point out that high-income countries have historically.
13.) Rather than arguing over whether the ultimate goal is zero pollution or a reasonable level of pollution, the immediate focus should be to tackle the environmental issues where the ____________ and the _____________.
14.) One difficulty with direct government support of R&D is that it inevitably involves government decisions about _____________________________.
15.) Under current U.S. copyright legislation, works produced on a for-hire basis and owned by firms enjoy monopoly protection for
16.) __________ describes a situation where a third party, outside the transaction, suffers from a market transaction by others.
17.) The number of people served by advanced wastewater treatment plants doubles between 1968 and the mid-1990s, but because the treatment plants _______________, the quantity if waste emitted into the water after treatment __________________.
18.) Which of the following is used to describe the full spectrum of animal and plant genetic material?
19.) A positive externality arises in a situation where a third party, outside the transaction,
20.) CleanAir Motors Inc. wants to build electric cars with no emissions . However, electric motors
21.) If the research and development efforts of a firm have ended in failure, then
22.) On average, it can cost _______ and take _______ to discover a new drug, perform the necessary safety tests, and bring the drug to market
23.) I’mAComputerCo. Would likely be more willing to undertake an innovative research project to reduce the amount of electricity required to run its computers if there were some form of guarantee that if it succeeded,
24.) If a large numbers of individuals chose to behave as free riders
25.) In order for a good to be classified as _________, when one person uses the good, others are also able to use it
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