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Economics
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13 Dec 2019

When a person drives an automobile, that individual is creating

a. external costs only.

b. social costs.

c. private costs only because the individual pays for the insurance, gas etc.

d. internal costs only.

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Related questions

14. When a student makes a decision about whether to go for college education or not, the student considers only the

a. private marginal benefits and private marginal costs.

b. social marginal benefits and social marginal costs.

c. marginal external benefits and marginal external costs.

d. private marginal benefits and social marginal costs.

According to the Coase Theorem, if transactions costs are low, then a private market (that is, an unregulated market) is efficient

A)only if property rights are assigned to the person who is being harmed by the external cost.

B)only if property rights are assigned to the person who is creating the external cost.

C)if property rights are assigned either to the person who is creating the external cost or to the person who is being harmed by the external cost.

D)if property rights are eliminated wherever an external cost or benefit appears.

Using the table below, answer the question. 

              Quantity    Marginal private cost ($)     Marginal private benefit ($)      Marginal social benefit ($)
              500                    10                      14                      16
              550                    11                      13                      15
              600                    12                      12                      14
              650                    13                      11                      13
              700                    14                      10                                 12

 

4. The table represents the market for a good with

a. only an external cost.

b. only an external benefit.

c. both external costs and benefits.

d. no externalities.

 

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