ECON 2010 FINAL

If there are 1000 residents what is the total social

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Unformatted text preview: d Total Individual Benefit) The table shows the total cost and total individual benefit of animal control for residents of a small town. If there are 1,000 residents, what is the total social benefit of three animal control officers? A) $9,000 B) $90,000 C) $10 D) $10,000 90x1000 51. A model (theory) must have at least two assumptions. A) True memorize B) False 52. The government set an effective price ceiling on rent for NYC apartments, causing a shortage. This is an example of a market failure. A) True when a government intervenes like this, they are trying B) False to fix a market failure not causing one. 53. Since pollution negatively affects people (reduces utility and/or increases production costs), the efficient amount of pollution is zero. A) True B) False pollution is necessary to live; cars, lights, heat, all require pollution and are necessary 54. Assume you live in Boulder and like to ski. If Eldora Ski area (20 miles from Boulder) deteriorates in quality (one of their ski lifts breaks) your demand curve for trips to Winter Park Ski area (70 mil...
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This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.

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