Question 1

Data from the U.S.Energy Information Administration on per capita energy consumption in the United States for the 65-year period 1945-2014 show that it has

Accepted Answer

A)  continually increased.
B)  continually decreased.
C)  increased, leveled off, and started declining.
D)  decreased, leveled off, and started rising.E) None of the above
F) B) and C)

Question 2

Property rights for fish from the open ocean

Accepted Answer

A)  do not exist.
B)  are established by the United Nations.
C)  exist once the fish are sold at market.
D)  exist once the fish are caught.E) A) and D)
F) A) and C)

Question 3

What is a tradable fishing limit that gives the holder the right to harvest a given quantity of fish during a given time period?

Accepted Answer

A)  replacement rate
B)  total allowable catch
C)  individual transferable quota
D)  government-approved fishing licenseE) A) and D)
F) A) and B)

Question 4

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 5

Russia, Australia, and France have adopted policies to encourage higher birthrates by

Accepted Answer

A)  decreasing benefits for single workers.
B)  penalizing firms with long work hours.
C)  mandating longer holidays and vacations.
D)  offering monetary awards for having a child.E) None of the above
F) C) and D)

Question 6

From 1950 to 2014, according to data from the U.S.Energy Information Administration, the ratio of real GDP to energy consumption in the United States has been

Accepted Answer

A)  relatively constant.
B)  slowly decreasing.
C)  decreasing steeply.
D)  rising significantly.E) None of the above
F) All of the above

Question 7

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

Accepted Answer

A)  expanded by about 5 percent.
B)  stayed roughly constant.
C)  shrank by about 3 percent.
D)  shrank by about 12 percent.E) None of the above
F) B) and C)

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.Assume that the market price of Pacific halibut is $40 per ton.If Melanie pays Oli $10 per ton for his ITQs and then catches her new limit of 2,000 tons, their combined profit would be

Accepted Answer

A)  $28,000.
B)  $32,000.
C)  $40,000.
D)  $54,000.E) All of the above
F) B) and C)

Question 9

Based on the fertility-rate calculations for major industrialized countries, their populations are expected to decline significantly in the coming years because the

Accepted Answer

A)  total fertility rate is higher than the replacement rate.
B)  total fertility rate is below the replacement rate.
C)  fertility rate and the replacement rate are about equal.
D)  fertility rate divided by the replacement rate is greater than one.E) All of the above
F) C) and D)

Question 10

The goal of profit-maximizing extraction firms such as an oil company or a mining company is to extract resources

Accepted Answer

A)  as fast as possible.
B)  as slowly as possible.
C)  when the user costs are rising.
D)  for the greatest stream of profit over time.E) A) and B)
F) C) and D)

Question 11

ACME Corporation used to produce $50 worth of goods (in 2000 dollars)  per million BTUs used.Now it produces $60 worth of goods (in 2000 dollars)  per million BTUs.Based on this, we can conclude

Accepted Answer

A)  nothing about ACME's energy efficiency.
B)  that ACME's energy efficiency has declined.
C)  that ACME's energy efficiency has improved.
D)  that ACME is using a single energy source and achieving economies of scale in production.E) A) and B)
F) A) and C)

Question 12

What is the relationship between living standards and birthrates?

Accepted Answer

A)  The relationship is negative at low levels of income but becomes increasingly positive as incomes rise.
B)  They are unrelated.
C)  The relationship is positive (directly related) .
D)  The relationship is negative (inversely related) .E) B) and C)
F) A) and D)

Question 13

According to Seafish.org, approximately what percentage of the world's fisheries in 2014 were overexploited?

Accepted Answer

A)  1 percent
B)  10 percent
C)  30 percent
D)  50 percentE) None of the above
F) C) and D)

Question 14

Consider a coal mining company that can mine coal this year or next year.As expected future profits increase, 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.E) B) and D)
F) None of the above

Question 15

Encouraging conservation is especially difficult in the open ocean, where it is impossible to either define or enforce property rights over fish.

Accepted Answer

A) True 
 B)False

Question 16

Profit-maximizing extraction companies will attempt to

Accepted Answer

A)  extract resources as quickly as possible.
B)  delay extraction as long as possible.
C)  find rates of extraction that maximize the flow of profits over time.
D)  extract resources at a constant rate every year to minimize price fluctuations.E) A) and B)
F) A) and C)

Question 17

A user cost of zero implies that

Accepted Answer

A)  a firm will extract all of a resource in the present.
B)  a firm will extract resources at a faster rate than if the user cost was positive.
C)  a firm will extract resources at a faster rate than if the user cost was negative.
D)  the price of the resource will not change.E) B) and C)
F) All of the above

Question 18

Since 1850, the

Accepted Answer

A)  supply and demand for productive resources have grown at the same rate.
B)  supply of productive resources has grown faster than the demand for those resources.
C)  demand for productive resources has grown faster than the supply of those resources.
D)  supply of productive resources has increased, while the demand has fallen.E) A) and B)
F) All of the above

Question 19

A logging company is considering logging an area for a current cost of $500 per acre to obtain a profit the next year of $600 per acre.The market rate of interest is 10 percent.Should the company make the investment?

Accepted Answer

A)  Yes, the future value of the profit is greater than the present value of the cost.
B)  No, the future value of the profit is less than the present value of the cost.
C)  Yes, the present value of the profit is greater than the present value of the cost.
D)  No, the present value of the profit is less than the present value of the cost.E) A) and C)
F) B) and C)

Question 20

A total fertility rate of 1.0 will cause the

Accepted Answer

A)  population to remain stable.
B)  population to double in one generation.
C)  population to collapse in one generation.
D)  next generation to be half the size of the current generation.E) A) and B)
F) A) and C)

Exam 19: Natural Resource and Energy Economics

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

Correct Answer
verified

Since 1850, the

Correct Answer
verified

From 1950 to 2014, according to data from the U.S.Energy Information Administration, the ratio of real GDP to energy consumption in the United States has been

Correct Answer
verified

Consider a coal mining company that can mine coal this year or next year.As expected future profits increase, the extraction quantity this year

Correct Answer
verified

A user cost of zero implies that

Correct Answer
verified

A total fertility rate of 1.0 will cause the

Correct Answer
verified

Correct Answer
verified

ACME Corporation used to produce $50 worth of goods (in 2000 dollars) per million BTUs used.Now it produces $60 worth of goods (in 2000 dollars) per million BTUs.Based on this, we can conclude

Correct Answer
verified

Encouraging conservation is especially difficult in the open ocean, where it is impossible to either define or enforce property rights over fish.

Correct Answer
verified

A logging company is considering logging an area for a current cost of $500 per acre to obtain a profit the next year of $600 per acre.The market rate of interest is 10 percent.Should the company make the investment?

Correct Answer
verified

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.

Correct Answer
verified

Russia, Australia, and France have adopted policies to encourage higher birthrates by

Correct Answer
verified

Property rights for fish from the open ocean

Correct Answer
verified

What is a tradable fishing limit that gives the holder the right to harvest a given quantity of fish during a given time period?

Correct Answer
verified

What is the relationship between living standards and birthrates?

Correct Answer
verified

Data from the U.S.Energy Information Administration on per capita energy consumption in the United States for the 65-year period 1945-2014 show that it has

Correct Answer
verified

The goal of profit-maximizing extraction firms such as an oil company or a mining company is to extract resources

Correct Answer
verified

Based on the fertility-rate calculations for major industrialized countries, their populations are expected to decline significantly in the coming years because the

Correct Answer
verified

According to Seafish.org, approximately what percentage of the world's fisheries in 2014 were overexploited?

Correct Answer
verified

Profit-maximizing extraction companies will attempt to

Correct Answer
verified

Exam 19: Natural Resource and Energy Economics

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

Correct AnswerverifiedShow Answer

Since 1850, the

Correct AnswerverifiedShow Answer

From 1950 to 2014, according to data from the U.S.Energy Information Administration, the ratio of real GDP to energy consumption in the United States has been

Correct AnswerverifiedShow Answer

Consider a coal mining company that can mine coal this year or next year.As expected future profits increase, the extraction quantity this year

Correct AnswerverifiedShow Answer

A user cost of zero implies that

Correct AnswerverifiedShow Answer

A total fertility rate of 1.0 will cause the

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

ACME Corporation used to produce $50 worth of goods (in 2000 dollars) per million BTUs used.Now it produces $60 worth of goods (in 2000 dollars) per million BTUs.Based on this, we can conclude

Correct AnswerverifiedShow Answer

Encouraging conservation is especially difficult in the open ocean, where it is impossible to either define or enforce property rights over fish.

Correct AnswerverifiedShow Answer

A logging company is considering logging an area for a current cost of $500 per acre to obtain a profit the next year of $600 per acre.The market rate of interest is 10 percent.Should the company make the investment?

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Russia, Australia, and France have adopted policies to encourage higher birthrates by

Correct AnswerverifiedShow Answer

Property rights for fish from the open ocean

Correct AnswerverifiedShow Answer

What is a tradable fishing limit that gives the holder the right to harvest a given quantity of fish during a given time period?

Correct AnswerverifiedShow Answer

What is the relationship between living standards and birthrates?

Correct AnswerverifiedShow Answer

Data from the U.S.Energy Information Administration on per capita energy consumption in the United States for the 65-year period 1945-2014 show that it has

Correct AnswerverifiedShow Answer

The goal of profit-maximizing extraction firms such as an oil company or a mining company is to extract resources

Correct AnswerverifiedShow Answer

Based on the fertility-rate calculations for major industrialized countries, their populations are expected to decline significantly in the coming years because the

Correct AnswerverifiedShow Answer

According to Seafish.org, approximately what percentage of the world's fisheries in 2014 were overexploited?

Correct AnswerverifiedShow Answer

Profit-maximizing extraction companies will attempt to

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified