Question 1

The Economist magazine's Commodities Price Index tracks the prices of the most

Accepted Answer

A) important finished goods that are traded internationally. 
B) important minerals that are traded internationally. 
C) important productive resources that are traded internationally. 
D) heavily traded agricultural-based products. 
A) important finished goods that are traded internationally. 
B) important minerals that are traded internationally. 
C) important productive resources that are traded internationally. 
D) heavily traded agricultural-based products.

Question 2

If the price of oil falls, the economic viability of alternative energy sources also tends to fall.

Accepted Answer

A) True 
 B)False

Question 3

Overextraction of a resource in the present can occur because

Accepted Answer

A) there is a user cost. 
B) there is an extraction cost. 
C) users can benefit from conservation. 
D) property rights are not clearly defineD. 
A) there is a user cost. 
B) there is an extraction cost. 
C) users can benefit from conservation. 
D) property rights are not clearly defineD.

Question 4

The "replacement rate" is the birthrate necessary to

Accepted Answer

A) keep a nation's population from decreasing. 
B) keep an able-bodied workforce in the economy. 
C) maintain the productivity level in an economy. 
D) maintain the standard of living of a nation. 
A) keep a nation's population from decreasing. 
B) keep an able-bodied workforce in the economy. 
C) maintain the productivity level in an economy. 
D) maintain the standard of living of a nation.

Question 5

Average per capita water consumption in the United States was approximately how many gallons per day in 2010?

Accepted Answer

A) 355 
B) 764 
C) 1,941 
D) 1,134 
A) 355 
B) 764 
C) 1,941 
D) 1,134

Question 6

Which of the following statements is true about falling birthrates?

Accepted Answer

A) They tend to lag behind falling death rates, allowing population growth to continue for at least one or two more generations. 
B) They tend to precede declines in death rates, causing a temporary dip in population before it stabilizes in a generation or two. 
C) They tend to lag behind declining standards of living. 
D) They always cause population to decline. 
A) They tend to lag behind falling death rates, allowing population growth to continue for at least one or two more generations. 
B) They tend to precede declines in death rates, causing a temporary dip in population before it stabilizes in a generation or two. 
C) They tend to lag behind declining standards of living. 
D) They always cause population to decline.

Question 7

If per-capita energy usage has leveled off while per capita GDP has risen, then it must mean that each dollar of output produced required a larger amount of energy.

Accepted Answer

A) True 
 B)False

Question 8

About three-fourths of U.S.electricity is generated using coal, natural gas, and petroleum.

Accepted Answer

A) True 
 B)False

Question 9

Which fishery product in the U.S.had the greatest market value in terms of its catch in 2014?

Accepted Answer

A) blue crab 
B) Pacific cod 
C) oysters 
D) lobster 
A) blue crab 
B) Pacific cod 
C) oysters 
D) lobster

Question 10

A rising standard of living will

Accepted Answer

A) necessarily reduce the population by reducing the birthrate. 
B) increase the birthrate. 
C) reduce the birthrate, but population may continue to grow if the death rate falls more quickly. 
D) reduce the birthrate initially but will increase the birthrate significantly at higher levels of income as people can afford to have more children. 
A) necessarily reduce the population by reducing the birthrate. 
B) increase the birthrate. 
C) reduce the birthrate, but population may continue to grow if the death rate falls more quickly. 
D) reduce the birthrate initially but will increase the birthrate significantly at higher levels of income as people can afford to have more children.

Question 11

In the United States in 2014, one million BTUs of energy yielded worth of goods and services (in 2009 dollars).

Accepted Answer

A) $57.90 
B) $63.09 
C) $127.37 
D) $162.07 
A) $57.90 
B) $63.09 
C) $127.37 
D) $162.07

Question 12

A mining company has the opportunity to extract from a coal reserve this year for a profit of $40 per pound.The current market rate of interest is 5 percent.The present value of this future extraction is

Accepted Answer

A) $36. 
B) $38. 
C) $40. 
D) $42. 
A) $36. 
B) $38. 
C) $40. 
D) $42.

Question 13

Which of the following is considered a renewable natural resource?

Accepted Answer

A) aquifers 
B) coal 
C) petroleum 
D) iron 
A) aquifers 
B) coal 
C) petroleum 
D) iron

Question 14

An example of a renewable resource would be

Accepted Answer

A) oil. 
B) coal. 
C) iron ore. 
D) aquifers. 
A) oil. 
B) coal. 
C) iron ore. 
D) aquifers.

Question 15

Over the past decade, total and per capita trash generated in the United States have

Accepted Answer

A) both increased at about the same rate. 
B) increased slightly and leveled off, respectively. 
C) both fallen. 
D) leveled off and fallen, respectively. 
A) both increased at about the same rate. 
B) increased slightly and leveled off, respectively. 
C) both fallen. 
D) leveled off and fallen, respectively.

Question 16

About what minimum price per barrel of oil is necessary for biodiesel to become economically viable as an alternative energy source?

Accepted Answer

A) $30 per barrel 
B) $50 per barrel 
C) $100 per barrel 
D) $80 per barrel 
A) $30 per barrel 
B) $50 per barrel 
C) $100 per barrel 
D) $80 per barrel

Question 17

When diamonds are mined in conflict or war-torn areas, there is

Accepted Answer

A) more loss from auctioning off the resource. 
B) minimal waste of this resource. 
C) strong incentive for conservation. 
D) strong incentive for overmining. 
A) more loss from auctioning off the resource. 
B) minimal waste of this resource. 
C) strong incentive for conservation. 
D) strong incentive for overmining.

Question 18

In countries like Botswana and Zimbabwe, local villages have been given property rights over local elephants with the result that elephant populations

Accepted Answer

A) have been decimated as villagers try to maximize short-run profit. 
B) have grown as villagers have protected the elephants to support their tourist industry. 
C) have grown exponentially, with adverse environmental impacts. 
D) are in serious decline, as ivory prices have risen. 
A) have been decimated as villagers try to maximize short-run profit. 
B) have grown as villagers have protected the elephants to support their tourist industry. 
C) have grown exponentially, with adverse environmental impacts. 
D) are in serious decline, as ivory prices have risen.

Question 19

Renewable resources

Accepted Answer

A) can never be exhausted permanently. 
B) can be exhausted if harvest rates exceed replenishment rates for an extended period. 
C) can be exhausted if replenishment rates exceed harvest rates for an extended period. 
D) will tend to be overharvested when they are private property. 
A) can never be exhausted permanently. 
B) can be exhausted if harvest rates exceed replenishment rates for an extended period. 
C) can be exhausted if replenishment rates exceed harvest rates for an extended period. 
D) will tend to be overharvested when they are private property.

Question 20

In recent years, per capita energy use in developed countries such as the United States has

Accepted Answer

A) increased. 
B) decreased. 
C) leveled off. 
D) increased and then decreased. 
A) increased. 
B) decreased. 
C) leveled off. 
D) increased and then decreased.

Exam 19: Natural Resource and Energy Economics

The Economist magazine's Commodities Price Index tracks the prices of the most

If the price of oil falls, the economic viability of alternative energy sources also tends to fall.

Overextraction of a resource in the present can occur because

The "replacement rate" is the birthrate necessary to

Average per capita water consumption in the United States was approximately how many gallons per day in 2010?

Which of the following statements is true about falling birthrates?

If per-capita energy usage has leveled off while per capita GDP has risen, then it must mean that each dollar of output produced required a larger amount of energy.

About three-fourths of U.S.electricity is generated using coal, natural gas, and petroleum.

Which fishery product in the U.S.had the greatest market value in terms of its catch in 2014?

A rising standard of living will

In the United States in 2014, one million BTUs of energy yielded worth of goods and services (in 2009 dollars).

A mining company has the opportunity to extract from a coal reserve this year for a profit of $40 per pound.The current market rate of interest is 5 percent.The present value of this future extraction is

Which of the following is considered a renewable natural resource?

An example of a renewable resource would be

Over the past decade, total and per capita trash generated in the United States have

About what minimum price per barrel of oil is necessary for biodiesel to become economically viable as an alternative energy source?

When diamonds are mined in conflict or war-torn areas, there is

In countries like Botswana and Zimbabwe, local villages have been given property rights over local elephants with the result that elephant populations

Renewable resources

In recent years, per capita energy use in developed countries such as the United States has

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

Filters