A taken away or he could dump it in the park cheap

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An Introduction to Physical Science
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Chapter 17 / Exercise 01
An Introduction to Physical Science
Shipman/Wilson
Expert Verified
a. Taken away or he could dump it in the park - cheap oil - but if all his competitors were doing it then his competitors would be putting on lower prices 2. Unless government intervenes, companies would unload the cost of doing business on society. to save a small amount of money on waste oil disposal, Joe Gaspump shifts tremendous environmental cleanup costs onto the local governments. this is an externality. iii. Environmental trade-offs 1. Fossil Fuel Power a. Benefits i. Inexpensive energy (400 per KWP) ii. Vast Worldwide Resources b. Costs i. High Pollutants ii. Large CO2 emissions 2. Solar and Wind Power a. Benefits i. Very Low Pollution ii. No CO2 Emissions b. Costs i. Expensive Energy (6000 per KWP) ii. Limited availability iv. Environmental regulations 1. Managing environmental regulation requires a thoughtful assessment of cost and benefits. Focusing exclusively on either the costs or the benefits of environmental regulations leads to foolish policy-making v. Politics of Global Warming 1. The politics of global warming is vastly oversimplified by both sides of the debate. Making informed decisions about global warming requires a consideration of four key issues 2. How much is the earth warming? (0.4 F in the last 25 years from NOAA*) 3. To what extent is industrial CO2
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An Introduction to Physical Science
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Chapter 17 / Exercise 01
An Introduction to Physical Science
Shipman/Wilson
Expert Verified
responsible? 4. What impact will CO2 reductions have on climate? 5. Are there any alternatives to reducing CO2 emissions? vi. Safety Regulations 1. Some regulations inevitably increase the cost of goods and service in order to reduce risks to consumers a. Food inspection b. Drug Testing c. Automobile Safety Requirement d. Restaurant Health Inspections 2. Why only reduce risks? Why doesn’t the government pass laws to eliminate risk altogether? a. All regulations increase the cost for the consumer 3. Can government act as if life is infinitely valuable? a. No, because you’d have to keep a standard for everyone, and companies find loopholes around the regulations vii. Antitrust Laws 1. Left to themselves, a single company occasionally develops a stranglehold on the market (monopoly). Without competition, the free market forces which hold down prices breakdown 2. Antitrust laws - empowers the government to breakup illegal monopolies in order to restore free market forces (e.g. AT&T, Microsoft) c. Economic policies i. Fiscal Policies - “Measures employed by governments to stabilize the economy, specifically by manipulating the land” ii. Fiscal policy: Taxes and spending

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