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Decide which type of regulation each policy is describing: 1
Decide which type of regulation each policy is describing:
1. A steel mill is charged a fee per unit of pollution emitted into a river.
a. Command-and-control
b. Cap-and-trade
c. Pigovian tax
2. Government requires that auto manufacturers use a new, cleaner technology in producing cars
a. Command-and-control
b. Cap-and-trade
c. Pigovian tax
3. Government requires that cement companies limit pollution to a specified threshold.
a. Command-and-control
b. Cap-and-trade
c. Pigovian tax
4. Power plants are allowed to pollute as much as they wish, provided they have purchased permission to do so. They can also sell their right to pollute others.
a. Command-and-control
b. Cap-and-trade
c. Pigovian tax
Expert Solution
1.
- c. Pigovian tax
Pigovian tax is also referred to as corrective taxation. This tax is meant to encourage private parties to take into consideration the social costs that emerge from pollution.
2.
- a. Command-and-control
Command-and-control involves the government either requiring or prohibiting certain actions. In this scenario, the government has issued a requirement for automakers to adopt cleaner technology to reduce pollution.
3.
- a. Command-and-control
This is command-and-control where the government dictates the highest level of pollution that a firm may produce.
4.
- b. Cap-and-trade
Cap-and-trade refers to the market technique that connects market forces to cut pollution in a cost-effective manner. This approach permits the market to decide price on pollution and the price that propels investment decisions and fuels innovation.
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