Question 1

A fishery is a stock of fish or other marine animal thought of as a logically distinct group,and usually identified by its location and species.

Accepted Answer

A) True 
 B)False

Question 2

Property rights over fish in the open ocean exist once the fish are caught.

Accepted Answer

A) True 
 B)False

Question 3

A company's extraction cost curve slopes upward to reflect:

Accepted Answer

A)  that marginal extraction costs increase as the company extracts more of the resource. 
B)  that user costs rise as the company extracts more of the resource. 
C)  that the price of the nonrenewable resource increases as the amount extracted increases. 
D)  all of these. 
A)  that marginal extraction costs increase as the company extracts more of the resource. 
B)  that user costs rise as the company extracts more of the resource. 
C)  that the price of the nonrenewable resource increases as the amount extracted increases. 
D)  all of these.

Question 4

A BTU is the amount of energy needed to:

Accepted Answer

A)  raise the temperature of one pound of water by one degree Fahrenheit. 
B)  boil one gallon of water for one minute. 
C)  raise the air temperature one degree Celsius for one hour. 
D)  raise the temperature of one pint of water by one degree Celsius. 
A)  raise the temperature of one pound of water by one degree Fahrenheit. 
B)  boil one gallon of water for one minute. 
C)  raise the air temperature one degree Celsius for one hour. 
D)  raise the temperature of one pint of water by one degree Celsius.

Question 5

Which of the following would cause the present optimal extraction level of a nonrenewable resource to fall?

Accepted Answer

A)  A reduction in extraction costs. 
B)  A reduction in user costs. 
C)  A reduction in total costs. 
D)  A reduction in the price of the resource. 
A)  A reduction in extraction costs. 
B)  A reduction in user costs. 
C)  A reduction in total costs. 
D)  A reduction in the price of the resource.

Question 6

Since 1950,the energy efficiency of the U.S.economy in terms of producing goods and services has:

Accepted Answer

A)  not changed. 
B)  more than doubled. 
C)  risen about 50 percent. 
D)  risen more than threefold. 
A)  not changed. 
B)  more than doubled. 
C)  risen about 50 percent. 
D)  risen more than threefold.

Question 7

About two-thirds 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 8

Which of the following nations has a total fertility rate that would suggest that its next generation will only be half the size of the current generation?

Accepted Answer

A)  Hong Kong. 
B)  Australia. 
C)  Sweden. 
D)  All of these nations. 
A)  Hong Kong. 
B)  Australia. 
C)  Sweden. 
D)  All of these nations.

Question 9

A profit-maximizing company should extract a nonrenewable resource in the present up to the quantity where the:

Accepted Answer

A)  selling price of the resource equals the extraction cost plus the user cost of the resource. 
B)  selling price of the resource equals the total cost plus the user cost of the resource. 
C)  selling price of the resource equals the extraction cost of the resource. 
D)  extraction cost of the resource equals the user cost of the resource. 
A)  selling price of the resource equals the extraction cost plus the user cost of the resource. 
B)  selling price of the resource equals the total cost plus the user cost of the resource. 
C)  selling price of the resource equals the extraction cost of the resource. 
D)  extraction cost of the resource equals the user cost of the resource.

Question 10

The user cost of extracting a nonrenewable resource is:

Accepted Answer

A)  inversely related to how much of the resource remains. 
B)  directly related to how much of the resource remains. 
C)  unrelated to how much of the resource remains. 
D)  inversely related to the expected future price of the resource. 
A)  inversely related to how much of the resource remains. 
B)  directly related to how much of the resource remains. 
C)  unrelated to how much of the resource remains. 
D)  inversely related to the expected future price of the resource.

Question 11

Elephant populations have:

Accepted Answer

A)  expanded everywhere because of state control of elephant populations. 
B)  declined in countries where they are owned by local villages,and expanded where they are owned by the state. 
C)  expanded in countries where they are owned by local villages,and declined where they are owned by the state. 
D)  declined everywhere,regardless of whether property rights over elephants are recognized. 
A)  expanded everywhere because of state control of elephant populations. 
B)  declined in countries where they are owned by local villages,and expanded where they are owned by the state. 
C)  expanded in countries where they are owned by local villages,and declined where they are owned by the state. 
D)  declined everywhere,regardless of whether property rights over elephants are recognized.

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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. Refer to the information given and 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,their combined profit would be:

Accepted Answer

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

Question 14

The average person in the United States generates about 10 pounds of trash per day.

Accepted Answer

A) True 
 B)False

Question 15

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 16

In the United States in 2011,one million BTUs of energy yielded _______ worth of goods and services (in year 2005 dollars).

Accepted Answer

A)  $17.50 
B)  $57.90 
C)  $117.37 
D)  $136.80 
A)  $17.50 
B)  $57.90 
C)  $117.37 
D)  $136.80

Question 17

The higher a resource's current price,the more extraction should be delayed to a later period.

Accepted Answer

A) True 
 B)False

Question 18

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

Question 19

Total allowable catch policies and individual transferable quotas both:

Accepted Answer

A)  limit catch sizes and promote efficiency. 
B)  limit catch sizes,but TACs promote inefficiency. 
C)  promote efficiency,but only TACs limit catch sizes. 
D)  promote efficiency,but only ITQs limit catch sizes. 
A)  limit catch sizes and promote efficiency. 
B)  limit catch sizes,but TACs promote inefficiency. 
C)  promote efficiency,but only TACs limit catch sizes. 
D)  promote efficiency,but only ITQs limit catch sizes.

Question 20

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

Accepted Answer

A) True 
 B)False

A fishery is a stock of fish or other marine animal thought of as a logically distinct group,and usually identified by its location and species.

Property rights over fish in the open ocean exist once the fish are caught.

A company's extraction cost curve slopes upward to reflect:

A BTU is the amount of energy needed to:

Which of the following would cause the present optimal extraction level of a nonrenewable resource to fall?

Since 1950,the energy efficiency of the U.S.economy in terms of producing goods and services has:

About two-thirds of U.S.electricity is generated from:

Which of the following nations has a total fertility rate that would suggest that its next generation will only be half the size of the current generation?

A profit-maximizing company should extract a nonrenewable resource in the present up to the quantity where the:

The user cost of extracting a nonrenewable resource is:

Elephant populations have:

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

The average person in the United States generates about 10 pounds of trash per day.

Which of the following statements is true about falling birthrates?

In the United States in 2011,one million BTUs of energy yielded _______ worth of goods and services (in year 2005 dollars).

The higher a resource's current price,the more extraction should be delayed to a later period.

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

Total allowable catch policies and individual transferable quotas both:

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

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 Cost of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition and Oligopoly

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

Filters

Exam 18: Natural Resource and Energy Economics

A fishery is a stock of fish or other marine animal thought of as a logically distinct group,and usually identified by its location and species.

Property rights over fish in the open ocean exist once the fish are caught.

A company's extraction cost curve slopes upward to reflect:

A BTU is the amount of energy needed to:

Which of the following would cause the present optimal extraction level of a nonrenewable resource to fall?

Since 1950,the energy efficiency of the U.S.economy in terms of producing goods and services has:

About two-thirds of U.S.electricity is generated from:

Which of the following nations has a total fertility rate that would suggest that its next generation will only be half the size of the current generation?

A profit-maximizing company should extract a nonrenewable resource in the present up to the quantity where the:

The user cost of extracting a nonrenewable resource is:

Elephant populations have:

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

The average person in the United States generates about 10 pounds of trash per day.

Which of the following statements is true about falling birthrates?

In the United States in 2011,one million BTUs of energy yielded _______ worth of goods and services (in year 2005 dollars).

The higher a resource's current price,the more extraction should be delayed to a later period.

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

Total allowable catch policies and individual transferable quotas both:

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

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 Cost of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition and Oligopoly

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

Filters