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Discuss the importance of the question of whether air-pollution damage functions have thresholds for establishing ambient air quality standards.
Analyze this difference with our standard pollution-control model. What does it suggest in terms of public policy toward water pollution control?
In order to meet TMDL limits in a cost-effective manner, what is the appropriate role of equimarginal principle? What about the economic efficiency principle?
What are the pros and cons of letting anybody buy and sell transferable discharge permits, in addition to emission sources themselves?
What consideration come into play when considering whether country or any other political entity is spending right amount for environmental quality improvement?
Show the effects of expansionary policy on output and the price level in an open economy when there is full employment.
Show how an increase in foreign income Y* affects output and the price level in the ASADFF model. What happens to real and nominal interest rates?
Explain the labor and capital market effects of an increase in taxes T. Show the adjustment in the ISLM model along the production function and the IS curve.
Suppose there is a decrease in the money supply Ms in the ISLM model. Explain the underlying adjustments in the capital and labor markets.
Explain what happens in the capital and labor markets when the interest rate rises and the economy moves up along its IS curve.
In order to protect the quality of its nearby water resources, a community places a restriction. How might you estimate the social costs of this regulation?
Design some contingent valuation-type questions for evaluating the value to people of improving the air quality in the Grand Canyon.
What is the usual meaning that economists give to the expression the value of a human life? What are the different ways of estimating this value?
Suppose you want to determine the aggregate willingness to pay among students at your school for increasing recycling at the school. How might you do this?
Compare and contrast how the Chinese government would evaluate the benefits versus how an individual Chinese worker would evaluate the benefits.
At a discount rate of 4 percent, what are the net benefits of this program? What would the net benefits be at a discount rate of 2 percent?
How would changes in the discount rate be likely to affect the comparison among these two options?
Contrast the different perspectives that would be involved in analyzing this proposal with economic impact analysis and cost-effectiveness analysis.
What should the amount of a government-imposed excise tax be in order to bring about this optimal level of production?
Why would individuals or firms engage in rent seeking behavior? How much will they spend on such behavior?
Why does the specification of one vote per person interfere with the ability to achieve economic efficiency?
Why is the paradox of voting a paradox? What, if anything, is undesirable about a voting scheme that cycles? How will issues be decided in such cases?
Why would each person voluntarily agree to the tax assessments determined under the Lindahl solution? What choice is he or she being asked to make?
Explain the distinction between these two situations. Why does the second lead to an inefficient allocation of resources but the first does not?
What is the Nash equilibrium of the secondstage game if the entrant enters? Solve the game for each type of incumbent.