Question 1

The optimal resource use for a limited natural resource very much depends on the

Accepted Answer

A) discount rate you apply to the use to future limited natural resources. 
B) place from where it is harvested. 
C) incomes of those who will benefit from its use. 
D) relative cost of extracting that resource relative to a substitute. 
A) discount rate you apply to the use to future limited natural resources. 
B) place from where it is harvested. 
C) incomes of those who will benefit from its use. 
D) relative cost of extracting that resource relative to a substitute. A

Question 2

Elimination of the current 13% overproduction of greenhouse gasses (GHG)by the U.S.

Accepted Answer

A) can be achieved by encouraging American drivers to be more considerate of poorer nations 
B) might require a substantial per gallon increase in the price of gasoline in the U.S. 
C) is likely to be achieved almost painlessly as the Baby Boomers retire 
D) can be achieved by repealing the current federal excise tax on gasoline 
A) can be achieved by encouraging American drivers to be more considerate of poorer nations 
B) might require a substantial per gallon increase in the price of gasoline in the U.S. 
C) is likely to be achieved almost painlessly as the Baby Boomers retire 
D) can be achieved by repealing the current federal excise tax on gasoline B

Question 3

Sustainability requires that

Accepted Answer

A) renewable natural resources be used only at a rate at which they can be replaced. 
B) limited natural resources be used as sparingly as possible. 
C) gamesmanship. 
D) Both gamesmanship and renewable natural resources be used only at a rate at which they can be replaced. 
A) renewable natural resources be used only at a rate at which they can be replaced. 
B) limited natural resources be used as sparingly as possible. 
C) gamesmanship. 
D) Both gamesmanship and renewable natural resources be used only at a rate at which they can be replaced. D

Question 4

Nobel laureate economist Ronald Coase suggests that pollution problems could be solved if

Accepted Answer

A) people used a community spirit rather than a self-interested motive when making decisions. 
B) community property was owned by self-interested parties. 
C) community property was made the norm. 
D) people simply thought about the costs of their actions. 
A) people used a community spirit rather than a self-interested motive when making decisions. 
B) community property was owned by self-interested parties. 
C) community property was made the norm. 
D) people simply thought about the costs of their actions.

Question 5

A person using a discount rate or 0% is going to consider the concept of sustainability

Accepted Answer

A) as wise. 
B) as unwisely focusing on the present. 
C) as overly weighting the future. 
D) just a fancy term oil and gas companies use to argue for increased rights to drill. 
A) as wise. 
B) as unwisely focusing on the present. 
C) as overly weighting the future. 
D) just a fancy term oil and gas companies use to argue for increased rights to drill.

Question 6

The average temperature is supposed to rise

Accepted Answer

A) 1 degree F in the next 100 years. 
B) 3-5 degrees F in the next 100 years. 
C) 15 degrees F in the next 100 years. 
D) 3-5 degrees in the next 10 years. 
A) 1 degree F in the next 100 years. 
B) 3-5 degrees F in the next 100 years. 
C) 15 degrees F in the next 100 years. 
D) 3-5 degrees in the next 10 years.

Question 7

If it costs Con Ed approximately $20 per additional ton of air pollution abated, but it costs PG&E only $10 per additional ton of air pollution abated, a marketable pollution permit trading for $14 per ton could

Accepted Answer

A) save PG&E $4 per ton and earn Con Ed $6 per ton. 
B) earn PG&E $4 per ton and save Con Ed $6 per ton. 
C) save PG&E $6 per ton and earn Con Ed $4 per ton. 
D) earn PG&E $6 per ton and save Con Ed $4 per ton. 
A) save PG&E $4 per ton and earn Con Ed $6 per ton. 
B) earn PG&E $4 per ton and save Con Ed $6 per ton. 
C) save PG&E $6 per ton and earn Con Ed $4 per ton. 
D) earn PG&E $6 per ton and save Con Ed $4 per ton.

Question 8

External costs are modeled by creating a new social cost curve that is

Accepted Answer

A) lower than the original supply curve. 
B) higher than the original supply curve. 
C) lower than the original demand curve. 
D) higher than the original demand curve. 
A) lower than the original supply curve. 
B) higher than the original supply curve. 
C) lower than the original demand curve. 
D) higher than the original demand curve.

Question 9

Tradable emission permits

Accepted Answer

A) allow polluters to keep polluting while paying no price. 
B) prevent industries from polluting regardless of how beneficial their goods are to society. 
C) encourage polluting companies to look at the value of reducing pollution just as they look at the value of increased production. 
D) do nothing to increase efficiency. 
A) allow polluters to keep polluting while paying no price. 
B) prevent industries from polluting regardless of how beneficial their goods are to society. 
C) encourage polluting companies to look at the value of reducing pollution just as they look at the value of increased production. 
D) do nothing to increase efficiency.

Question 10

The Endangered Species Act was originally passed in

Accepted Answer

A) the 1930's. 
B) the 1970's. 
C) the 1980's. 
D) the 1990's. 
A) the 1930's. 
B) the 1970's. 
C) the 1980's. 
D) the 1990's.

Question 11

Applying the concept of "clean enough" to clean water an economist means the

Accepted Answer

A) perfectly clean water. 
B) state of cleanliness where the average cost of cleaning more equals the average benefit of cleaning more. 
C) state of cleanliness where the marginal cost of cleaning equals the marginal benefit of cleaning. 
D) state of cleanliness where the total cost of cleaning equals the total benefit of cleaning. 
A) perfectly clean water. 
B) state of cleanliness where the average cost of cleaning more equals the average benefit of cleaning more. 
C) state of cleanliness where the marginal cost of cleaning equals the marginal benefit of cleaning. 
D) state of cleanliness where the total cost of cleaning equals the total benefit of cleaning.

Question 12

The Trump Administration is likely to

Accepted Answer

A) continue the Obama Administration's policies toward greenhouse gas (GHG)regulation 
B) alter the U.S. government's position toward greenhouse gas (GHG)regulation 
C) withdraw the U.S. from the Paris Accord negotiations 
D) resist pressure from the American people for approval of the Kyoto Protocols 
A) continue the Obama Administration's policies toward greenhouse gas (GHG)regulation 
B) alter the U.S. government's position toward greenhouse gas (GHG)regulation 
C) withdraw the U.S. from the Paris Accord negotiations 
D) resist pressure from the American people for approval of the Kyoto Protocols

Question 13

-In Figure 23.1 for a good with no externality, which area represents the net benefit to society of this market?

Accepted Answer

A) 0ACQ* 
B) ABC 
C) BP*C 
D) 0P*CQ* 
A) 0ACQ* 
B) ABC 
C) BP*C 
D) 0P*CQ*

Question 14

After accounting for externalities with a social cost curve, the new equilibrium would be such that equilibrium price is

Accepted Answer

A) lower than before and equilibrium quantity is higher than before. 
B) higher than before and equilibrium quantity is higher than before. 
C) lower than before and equilibrium quantity is lower than before. 
D) higher than before and equilibrium quantity is lower than before. 
A) lower than before and equilibrium quantity is higher than before. 
B) higher than before and equilibrium quantity is higher than before. 
C) lower than before and equilibrium quantity is lower than before. 
D) higher than before and equilibrium quantity is lower than before.

Question 15

Sulfur dioxide in the air is _____ than its 1975 level.

Accepted Answer

A) 84% less 
B) 8% less 
C) 8% more 
D) 40% more 
A) 84% less 
B) 8% less 
C) 8% more 
D) 40% more

Question 16

According to Nobel laureate economist Ronald Coase, if a person lives near a neighborhood park and a storm uproots several trees around the neighborhood, people will naturally

Accepted Answer

A) work to repair their own private damage first. 
B) pay for someone to work on their own private property and pitch in to help on the park. 
C) work on the public park first. 
D) ignore the entire problem. 
A) work to repair their own private damage first. 
B) pay for someone to work on their own private property and pitch in to help on the park. 
C) work on the public park first. 
D) ignore the entire problem.

Question 17

Applying the concept of "clean enough" to clean air an economist means the

Accepted Answer

A) perfectly clean water. 
B) state of cleanliness where the average cost of cleaning more equals the average benefit of cleaning more. 
C) state of cleanliness where the marginal cost of cleaning equals the marginal benefit of cleaning. 
D) state of cleanliness where the total cost of cleaning equals the total benefit of cleaning. 
A) perfectly clean water. 
B) state of cleanliness where the average cost of cleaning more equals the average benefit of cleaning more. 
C) state of cleanliness where the marginal cost of cleaning equals the marginal benefit of cleaning. 
D) state of cleanliness where the total cost of cleaning equals the total benefit of cleaning.

Question 18

Economists assume that late in the process of cleaning a dirty environment there are relatively

Accepted Answer

A) high benefit-low cost things than could and should be saved for last. 
B) high benefit-high cost things than could and should be saved for last. 
C) low benefit-low cost things than could and should be saved for last. 
D) low benefit-high cost things than could and should be saved for last. 
A) high benefit-low cost things than could and should be saved for last. 
B) high benefit-high cost things than could and should be saved for last. 
C) low benefit-low cost things than could and should be saved for last. 
D) low benefit-high cost things than could and should be saved for last.

Question 19

The optimal resource use for a limited natural resource is

Accepted Answer

A) more front loaded with a higher discount rate. 
B) more back loaded with a higher discount rate. 
C) unrelated to the discount rate. 
D) more likely to be u-shaped with a higher interest rate. 
A) more front loaded with a higher discount rate. 
B) more back loaded with a higher discount rate. 
C) unrelated to the discount rate. 
D) more likely to be u-shaped with a higher interest rate.

Question 20

The price of tradable emission permits for sulfur dioxide

Accepted Answer

A) has steadily increased since 1992. 
B) has steadily decreased since 1992. 
C) remained almost totally unchanged since 1992. 
D) was set at a specific price in 1992 and cannot change without a new law. 
A) has steadily increased since 1992. 
B) has steadily decreased since 1992. 
C) remained almost totally unchanged since 1992. 
D) was set at a specific price in 1992 and cannot change without a new law.

Exam 23: Natural Resources, the Environment, and Climate Change

The optimal resource use for a limited natural resource very much depends on the

Elimination of the current 13% overproduction of greenhouse gasses (GHG)by the U.S.

Sustainability requires that

Nobel laureate economist Ronald Coase suggests that pollution problems could be solved if

A person using a discount rate or 0% is going to consider the concept of sustainability

The average temperature is supposed to rise

If it costs Con Ed approximately $20 per additional ton of air pollution abated, but it costs PG&E only $10 per additional ton of air pollution abated, a marketable pollution permit trading for $14 per ton could

External costs are modeled by creating a new social cost curve that is

Tradable emission permits

The Endangered Species Act was originally passed in

Applying the concept of "clean enough" to clean water an economist means the

The Trump Administration is likely to

-In Figure 23.1 for a good with no externality, which area represents the net benefit to society of this market?

After accounting for externalities with a social cost curve, the new equilibrium would be such that equilibrium price is

Sulfur dioxide in the air is _____ than its 1975 level.

According to Nobel laureate economist Ronald Coase, if a person lives near a neighborhood park and a storm uproots several trees around the neighborhood, people will naturally

Applying the concept of "clean enough" to clean air an economist means the

Economists assume that late in the process of cleaning a dirty environment there are relatively

The optimal resource use for a limited natural resource is

The price of tradable emission permits for sulfur dioxide

Economics: the Study of Opportunity Cost

Supply and Demand

The Concept of Elasticity and Consumer and Producer Surplus

Firm Production, Cost, and Revenue

Perfect Competition, Monopoly, and Economic Versus Normal Profit

Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, Depression

Interest Rates and Present Value

Aggregate Demand and Aggregate Supply

Fiscal Policy

Monetary Policy

Federal Spending

Federal Deficits, Surpluses, and the National Debt

The Housing Bubble

The Recession of 2007-2009: Causes and Policy Responses

Is Economic Stagnation the New Normal

Is the Fiscalsky Falling: An Examination of Unfunded Social Security, Medicare, and State and Local Pension Liabilities

International Trade: Does It Jeopardize American Jobs

International Finance and Exchange Rates

The European Debt Crisis

Economic Growth and Development

Nafta, Gatt, Wto: Are Trade Agreements Good for Us

The Line Between Legal and Illegal Goods

Health Care

Government-Provided Health Insurance: Medicaid, Medicare, and the Child Health Insurance Program

The Economics of Prescription Drugs

So You Want to Be a Lawyer: Economics and the Law

The Economics of Crime

Antitrust

The Economics of Race and Discrimination

Income and Wealth Inequality

Farm Policy

Minimum Wage

Ticket Brokers and Ticket Scalping

Rent Control

Economics of K-12 Education

Economics of College and University Education

Poverty and Welfare

Head Start

Social Security

Personal Income Taxes

Energy Prices

If We Build It, Will They Come and Other Sports Questions

The Stock Market Crashes

Unions

Walmart: Always Low Prices and Low Wages- Always

The Economic Impact of Casino Gambling

The Economics of Terrorism

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