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Chapter 12: Q 25. (page 297)

What are the economic tradeoffs between low-income and high-income countries in international conferences on global environmental damage?

Short Answer

Expert verified

The economic tradeoffs between low-income and high-income countries in international conferences on global environmental damage is to reduce pollution by using technologies that control pollution.

Step by step solution

01

Step 1. Meaning of tradeoff.

A tradeoff is a sacrifice that must be made in order to get the next best thing.

An economic tradeoff is an opportunity cost, i.e. the next best alternative is forgone.

02

Step 2. The economic tradeoffs between high and low-income countries.

The economic tradeoffs between low-income and high-income countries in international conferences on global environmental damage are to reduce pollution by using technologies that control pollution. The high-income countries want the low-income countries to reduce pollution. They help the low-income countries by paying some of the cost for controlling pollution or, by providing the necessary technology for the reduction of pollution.

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Most popular questions from this chapter

What are better-defined property rights and what incentive do they provide to account for external costs?

A country called Sherwood is very heavily covered with a forest of 50,000 trees. There are proposals

to clear some of Sherwood’s forest and grow corn, but obtaining this additional economic output will have an environmental cost from reducing the number of trees. Table 12.11 shows possible combinations of economic output and environmental protection.

a. Sketch a graph of a production possibility frontier with environmental quality on the horizontal axis, measured

by the number of trees, and the quantity of economic output, measured in corn, on the vertical axis.

b. Which choices display productive efficiency? How can you tell?

c. Which choices show allocative efficiency? How can you tell?

d. In the choice between T and R, decide which one is better. Why?

e. In the choice between T and S, can you say which one is better, and why?

f. If you had to guess, which choice would you think is more likely to represent a command-and-control

environmental policy and which choice is more likely to represent a market-oriented environmental policy, choice Q or S? Why?

What does a point inside the production possibility frontier represent?

Identify whether the market supply curve will shift right or left or will stay the same for the following:

a. Firms in an industry are required to pay a fine for their carbon dioxide emissions.

b. Companies are sued for polluting the water in a river.

c. Power plants in a specific city are not required to address the impact of their air quality emissions.

d. Companies that use fracking to remove oil and gas from rock are required to clean up the damage.

As the extent of environmental protection expands, would you expect the marginal benefits of environmental protection to rise or fall? Why or why not?
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