Question 1

(Consider This) Garrett Hardin's tragedy of the commons best applies to which of the following issues?

Accepted Answer

A) fracking for oil and natural gas 
B) government subsidies for alternative energy 
C) overpopulation 
D) overfishing in international waters 
A) fracking for oil and natural gas 
B) government subsidies for alternative energy 
C) overpopulation 
D) overfishing in international waters

Question 2

Per capita energy use in the United States has remained fairly constant since 1980.Topic: Energy Economics
Topic: Resource Supplies: Doom or Boom?

Accepted Answer

A) True 
 B)False

Question 3

Many demographers expect world population to

Accepted Answer

A) increase exponentially into the foreseeable future. 
B) decline from its current level in the next two decades. 
C) peak at 9 billion or fewer and then decline. 
D) plateau at around 7.5 billion and then start to increase rapidly. 
A) increase exponentially into the foreseeable future. 
B) decline from its current level in the next two decades. 
C) peak at 9 billion or fewer and then decline. 
D) plateau at around 7.5 billion and then start to increase rapidly.

Question 4

Kara and Kyle are competing sockeye salmon fishers.Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each.Kara's cost per ton is $8; Kyle's cost per ton is $12.If the market price of sockeye salmon is $15 per ton, what is the minimum amount per ton that Kara would have to offer Kyle to convince him to sell Kara his ITQs?

Accepted Answer

A) $3 
B) $4 
C) $5 
D) $7 
A) $3 
B) $4 
C) $5 
D) $7

Question 5

The economic benefits of forests include provision of wildlife habitats, erosion prevention, and oxygen production.

Accepted Answer

A) True 
 B)False

Question 6

As of 2016, the world's population is approximately

Accepted Answer

A) 7.4 billion. 
B) 5.3 billion. 
C) 10 billion. 
D) 1.2 trillion. 
A) 7.4 billion. 
B) 5.3 billion. 
C) 10 billion. 
D) 1.2 trillion.

Question 7

The total fertility rate of a nation is the

Accepted Answer

A) total number of children a woman in the nation is capable of having during her lifetime. 
B) average number of children a woman in the nation is capable of having during her lifetime. 
C) average number of children a woman in the nation is expected to have during her lifetime. 
D) total number of women in the nation who are expected to have children during their lifetime. 
A) total number of children a woman in the nation is capable of having during her lifetime. 
B) average number of children a woman in the nation is capable of having during her lifetime. 
C) average number of children a woman in the nation is expected to have during her lifetime. 
D) total number of women in the nation who are expected to have children during their lifetime.

Question 8

Melanie and Oli are competing Pacific halibut fishers.Both have been allocated ITQs that limit their catch to 1,000 tons of Pacific halibut each.Melanie's cost per ton is $20; Oli's cost per ton is $28.If the market price of Pacific halibut is $40 per ton, and Melanie and Oli both catch their quota, their combined profit will be

Accepted Answer

A) $12,000. 
B) $22,000. 
C) $25,000. 
D) $32,000. 
A) $12,000. 
B) $22,000. 
C) $25,000. 
D) $32,000.

Question 9

Productive inputs that are actually or virtually fixed in supply are known as

Accepted Answer

A) renewable natural resources. 
B) natural capital. 
C) nonrenewable natural resources. 
D) alternative fuels. 
A) renewable natural resources. 
B) natural capital. 
C) nonrenewable natural resources. 
D) alternative fuels.

Question 10

In electricity generation, it is most economically efficient to use a single energy source.

Accepted Answer

A) True 
 B)False

Question 11

In the case of conflict diamonds, the strict enforcement of property rights has led to too fast of a rate of extraction.

Accepted Answer

A) True 
 B)False

Question 12

The era after the Industrial Revolution proved that it was impossible to have improved standards of living with large population growth.

Accepted Answer

A) True 
 B)False

Question 13

Data from the U.S.Environmental Protection Agency on per capita trash generation in the United States indicate that since 1990 it has

Accepted Answer

A) increased moderately. 
B) continually decreased. 
C) more or less leveled off. 
D) sharply increased. 
A) increased moderately. 
B) continually decreased. 
C) more or less leveled off. 
D) sharply increased.

Question 14

Unless people can benefit from conservation, there is a temptation to

Accepted Answer

A) delay resource extraction as long as possible. 
B) extract and use resources at a constant rate. 
C) extract and use resources as quickly as possible. 
D) ban the extraction of nonrenewable resources. 
A) delay resource extraction as long as possible. 
B) extract and use resources at a constant rate. 
C) extract and use resources as quickly as possible. 
D) ban the extraction of nonrenewable resources.

Question 15

Elephants are moving closer to extinction in places where they are treated as private property.Topic: Natural Resource Economics
Topic: Renewable Resources

Accepted Answer

A) True 
 B)False

Question 16

Recent studies indicate that as the price of a barrel of oil rises to $80, the use of biodiesel as an alternative fuel becomes economically viable.

Accepted Answer

A) True 
 B)False

Question 17

Granting property rights to forestland tends to increase the rate at which the land is deforested.

Accepted Answer

A) True 
 B)False

Question 18

Population will necessarily fall if the

Accepted Answer

A) birthrate exceeds the replacement rate. 
B) replacement rate exceeds the birthrate. 
C) birthrate exceeds the total fertility rate. 
D) total fertility rate exceeds the birthrate. 
A) birthrate exceeds the replacement rate. 
B) replacement rate exceeds the birthrate. 
C) birthrate exceeds the total fertility rate. 
D) total fertility rate exceeds the birthrate.

Question 19

Just over half (55 percent) of U.S.electricity is generated from

Accepted Answer

A) hydroelectric. 
B) petroleum. 
C) nuclear energy. 
D) coal and gas. 
A) hydroelectric. 
B) petroleum. 
C) nuclear energy. 
D) coal and gas.

Question 20

Present value allows us to weigh the benefits and costs of using resources today or in the future.

Accepted Answer

A) True 
 B)False

Exam 19: Natural Resource and Energy Economics

(Consider This) Garrett Hardin's tragedy of the commons best applies to which of the following issues?

Per capita energy use in the United States has remained fairly constant since 1980.Topic: Energy Economics Topic: Resource Supplies: Doom or Boom?

Many demographers expect world population to

The economic benefits of forests include provision of wildlife habitats, erosion prevention, and oxygen production.

As of 2016, the world's population is approximately

The total fertility rate of a nation is the

Productive inputs that are actually or virtually fixed in supply are known as

In electricity generation, it is most economically efficient to use a single energy source.

In the case of conflict diamonds, the strict enforcement of property rights has led to too fast of a rate of extraction.

The era after the Industrial Revolution proved that it was impossible to have improved standards of living with large population growth.

Data from the U.S.Environmental Protection Agency on per capita trash generation in the United States indicate that since 1990 it has

Unless people can benefit from conservation, there is a temptation to

Elephants are moving closer to extinction in places where they are treated as private property.Topic: Natural Resource Economics Topic: Renewable Resources

Recent studies indicate that as the price of a barrel of oil rises to $80, the use of biodiesel as an alternative fuel becomes economically viable.

Granting property rights to forestland tends to increase the rate at which the land is deforested.

Population will necessarily fall if the

Just over half (55 percent) of U.S.electricity is generated from

Present value allows us to weigh the benefits and costs of using resources today or in the future.

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures: Public Goods and Externalities

Governments Role and Government Failure

Elasticity

Utility Maximization

Behavioral Economics

Businesses and the Costs of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Technology, Rd, and Efficiency

The Demand for Resources

Wage Determination

Rent, Interest, and Profit

Public Finance: Expenditures and Taxes

Antitrust Policy and Regulation

Agriculture: Economics and Policy

Income Inequality, Poverty, and Discrimination

Health Care

Immigration

An Introduction to Macroeconomics

Measuring Domestic Output and National Income

Economic Growth

Business Cycles, Unemployment, and Inflation

Basic Macroeconomic Relationships

The Aggregate Expenditures Model

Aggregate Demand and Aggregate Supply

Fiscal Policy, Deficits, and Debt

Money, Banking, and Financial Institutions

Money Creation

Interest Rates and Monetary Policy

Financial Economics

Extending the Analysis of Aggregate Supply

Current Issues in Macro Theory and Policy

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

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