Which of the following is an example of the command approach to regulation?
a. The sale of tradable permits to emit sulfur dioxide in the Chicago Mercantile Exchange
b. Enforcing private property rights and private ownership of elephants in Africa
c. Zoning in many areas that restricts the types of buildings that can be built
d. The government providing subsidies for public education
e. A Pigouvian tax
c
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The difference between private cost and social cost is that
A) social cost only considers the external cost borne by society. B) social cost only considers the cost borne by people other than the producer. C) private cost only considers the cost borne by producers of the good. D) social cost also includes any external benefit whereas private cost excludes all external benefits. E) There is no difference; the terms refer to the same cost.
Microeconomics
a. addresses scarcity from a global perspective b. examines how individuals, households, and firms make economic decisions c. is purely theoretical and has little value in explaining real-world phenomena d. focuses on what is happening in the economy as a whole e. answers the fundamental economic questions of how, when, where, and why