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23 Cards in this Set
- Front
- Back
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acceptable levels of performance
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standards
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a commodity for which demand is highly sensitive to changes in income
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luxury good
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a tax on production causing water pollution
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effluent fee
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specifies the required level of performance but not the means of compliance
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performance standard
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specifies both the required level of performance and the means of compliance
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design standard
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license to produce a product that meets pollution standarads or to use a technique that meets an environmental goal
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certification
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testing to check that standards are being met
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monitoring
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inspections for compliance with standards
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field surveillance
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fines or other penalties for noncompliance with standards
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remedies
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general standards covering a wide range of situations and firms
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uniform standards
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the extra cost of removing an additional unit of waste
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marginal cost
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standards that are individualized to certain situations and firms
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specific standards
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a tax on production causing air pollution
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emissions fee
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tradable permit to produce a given amount of pollution
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pollution permit
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study that compares the costs and benefits of a policy or program
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cost-benefit analysis
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a payment from the government for some given action, such as recycling
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subsidy
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waste that is not recycled
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pollution
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the cost or benefit of an economic activity that spills over onto the rest of society
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externality
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a negative externality in which costs are shifted from the private market onto society
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spillover cost
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a positive externality in which benefits are shifted from the private market onto society
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spillover benefit
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the total costs of production, including private costs and spillover costs
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social costs of production
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the production of more than the socially optimum amount of a good or service
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overallocation of resources
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the production of less than the socially optimum amount of a good or service
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underallocation of resources
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