Question 1

The key difficulty with fishery management is that

Accepted Answer

A) the only way to establish property rights over a fish swimming in the ocean is to catch and kill it. 
B) fishery management deals with live resources while forestry does not. 
C) it deals with a nonrenewable resource. 
D) there are so many types of fish, and they're found in so many locations. 
A) the only way to establish property rights over a fish swimming in the ocean is to catch and kill it. 
B) fishery management deals with live resources while forestry does not. 
C) it deals with a nonrenewable resource. 
D) there are so many types of fish, and they're found in so many locations.

Question 2

Negative externalities from energy production should be considered when comparing the cost of an energy source, because they

Accepted Answer

A) improve energy production. 
B) reduce the total costs of production. 
C) are an additional cost of using that source. 
D) are taxed or subsidized by government to encourage production. 
A) improve energy production. 
B) reduce the total costs of production. 
C) are an additional cost of using that source. 
D) are taxed or subsidized by government to encourage production.

Question 3

According to U.S. Energy Information Administration data, about what percentage of U.S. electricity was generated by coal-fired plants in 2017?

Accepted Answer

A) 10 percent 
B) 30 percent 
C) 20 percent 
D) 60 percent 
A) 10 percent 
B) 30 percent 
C) 20 percent 
D) 60 percent

Question 4

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 5

Matt fishes for tuna at a cost of $4 per ton. John fishes at a cost of $6 per ton. Each has a 1,000-ton ITQ. The current market price is $8 per ton. What amount could Matt pay John to induce him to sell his ITQ?

Accepted Answer

A) $1,000 
B) $2,000 
C) $3,000 
D) It would not be profitable for Matt to buy John's ITQ. 
A) $1,000 
B) $2,000 
C) $3,000 
D) It would not be profitable for Matt to buy John's ITQ.

Question 6

If a country's replacement rate is two births per woman and its total fertility rate is four births per woman, the country's population will decline.

Accepted Answer

A) True 
 B)False

Question 7

Definition of property rights is a key component to proper conservation of resources.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is true about U.S. energy consumption and per capita real GDP since 1990?

Accepted Answer

A) Per capita energy consumption and per capita real GDP have both risen. 
B) Per capita energy consumption has fallen, while per capita real GDP has risen. 
C) Per capita energy consumption and per capita real GDP have both fallen. 
D) Per capita consumption of energy has been unchanged, while per capita real GDP has risen. 
A) Per capita energy consumption and per capita real GDP have both risen. 
B) Per capita energy consumption has fallen, while per capita real GDP has risen. 
C) Per capita energy consumption and per capita real GDP have both fallen. 
D) Per capita consumption of energy has been unchanged, while per capita real GDP has risen.

Question 9

Elephants are moving closer to extinction in places where they are treated as private property.

Accepted Answer

A) True 
 B)False

Question 10

Describe the Tragedy of the Commons and how it relates to public grazing plots.

Accepted Answer

The commons were public patches of grazi

Question 11

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. Assume that the market price of sockeye salmon is $15 per ton. If Kara pays Kyle $5 per ton for his ITQs, and if she then catches her new limit of 4,000 tons, her profit would be

Accepted Answer

A) $4,000. 
B) $20,000. 
C) $18,000. 
D) $22,000. 
A) $4,000. 
B) $20,000. 
C) $18,000. 
D) $22,000.

Question 12

As of 2018, the world's population is approximately

Accepted Answer

A) 7.7 billion. 
B) 6.3 billion. 
C) 10 billion. 
D) 1.2 trillion. 
A) 7.7 billion. 
B) 6.3 billion. 
C) 10 billion. 
D) 1.2 trillion.

Question 13

According to data from the UN Food and Agriculture Organization, from 2010 to 2015 the amount of land worldwide that's covered by forests

Accepted Answer

A) expanded by about 5 percent. 
B) shrank by about 3 percent. 
C) stayed roughly constant. 
D) shrank by about 12 percent. 
A) expanded by about 5 percent. 
B) shrank by about 3 percent. 
C) stayed roughly constant. 
D) shrank by about 12 percent.

Question 14

A fishery collapse happens when a fishery's population grows faster than fish can be harvested.

Accepted Answer

A) True 
 B)False

Question 15

Make the case that the United States is not running out of oil or energy.

Accepted Answer

This concern is based largely on the pos

Question 16

Define the demographic transition, and list the three steps in this shift.

Accepted Answer

The demographic transition refers to the

Question 17

Consider an oil company that can pump oil from a reserve either this year or next year. As expected future profits decrease, the extraction quantity this year

Accepted Answer

A) increases due to a higher user cost. 
B) increases due to a lower user cost. 
C) decreases due to a higher user cost. 
D) decreases due to a lower user cost. 
A) increases due to a higher user cost. 
B) increases due to a lower user cost. 
C) decreases due to a higher user cost. 
D) decreases due to a lower user cost.

Question 18

Energy demand is relatively stable over the course of a day.

Accepted Answer

A) True 
 B)False

Question 19

The world's population increased rapidly from 1800 to the present day because of higher

Accepted Answer

A) birthrates and lower standards of living. 
B) standards of living and higher birthrates. 
C) standards of living and lower death rates. 
D) death rates and higher standards of living. 
A) birthrates and lower standards of living. 
B) standards of living and higher birthrates. 
C) standards of living and lower death rates. 
D) death rates and higher standards of living.

Question 20

The table shows the quantity of gold bars in thousands, the extraction cost for each thousand bars (in millions of dollars), and the user cost of each thousand bars (in millions of dollars)facing the OZ Mining Company this year (all costs are marginal). If the current price of a bar of gold is $25,000, how many bars (in thousands)should OZ extract and sell this year in order to maximize profits?

Accepted Answer

A) 1 
B) 2 
C) 3 
D) 4 
A) 1 
B) 2 
C) 3 
D) 4

Exam 19: Natural Resource and Energy Economics

The key difficulty with fishery management is that

Negative externalities from energy production should be considered when comparing the cost of an energy source, because they

According to U.S. Energy Information Administration data, about what percentage of U.S. electricity was generated by coal-fired plants in 2017?

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

Matt fishes for tuna at a cost of $4 per ton. John fishes at a cost of $6 per ton. Each has a 1,000-ton ITQ. The current market price is $8 per ton. What amount could Matt pay John to induce him to sell his ITQ?

If a country's replacement rate is two births per woman and its total fertility rate is four births per woman, the country's population will decline.

Definition of property rights is a key component to proper conservation of resources.

Which of the following is true about U.S. energy consumption and per capita real GDP since 1990?

Elephants are moving closer to extinction in places where they are treated as private property.

Describe the Tragedy of the Commons and how it relates to public grazing plots.

As of 2018, the world's population is approximately

According to data from the UN Food and Agriculture Organization, from 2010 to 2015 the amount of land worldwide that's covered by forests

A fishery collapse happens when a fishery's population grows faster than fish can be harvested.

Make the case that the United States is not running out of oil or energy.

Define the demographic transition, and list the three steps in this shift.

Consider an oil company that can pump oil from a reserve either this year or next year. As expected future profits decrease, the extraction quantity this year

Energy demand is relatively stable over the course of a day.

The world's population increased rapidly from 1800 to the present day because of higher

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, 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

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

Filters