Nr Final

The basic concern of economics is:

If the price of gasoline falls and stays low for an extended period of time, we expect

Everyone benefits from street lighting, yet the marginal benefit to any one individual usually falls short of the marginal cost. This is an example of

At various times, the nations that comprise the Organization of Petroleum Exporting Countries (OPEC) have restricted the supply of oil to increase their profits. This is an example of

The models used in economics:

Natural resource accounting involves

During the 1970s the U.S. experienced a drastic increase in energy prices. This price increase

The basic resource formula could be adapted to represent the occurrence of natural disasters. In such a case,

The value stemming from simply knowing that the resource exists is known as.

A recyclable resource is one in which

Large-lot zoning will led, other things equal, to greater amounts of sprawl.

Which of the following goods is most likely a public good?

Which of the following is an example of a nonexcludable good?

television programs are nonrival because

Which of the following goods best fit the characteristics of a private good?

If left totally to the free market, the amount of police protection provided in a city would be _____ than it is now, and free-riders would pay _____ for police protection.

It is difficult for governments to get an accurate estimate of the marginal social benefit of public goods because:

In which of the following cases is the marginal social benefit necessarily greater than the marginal private benefit?

Marginal cost can be calculated as:

For Heidi, the marginal cost of producing one additional photograph equals the ____ divided by _____.

Austin’s total fixed cost is $3,600. Austin employs 20 workers and pays each worker $60. The average product of labor is 30, the marginal product of the 20th worker is 12. What is the marginal cost of the last unit produced by the last worker Austin hired?

If Jakub knows the marginal cost of producing the 7th sports jersey is $21, then the total cost of 7 sports jerseys is:

If Jakub knows the marginal cost of the 1st jersey is $21, the MC of the 2nd jersey is $40, and the MC of the 3rd jersey is $17, what is the total variable cost of producing 3 jerseys?

Consider a Texaco gas station. If it introduces a new technology where customers pay at the pump, thus decreasing production costs, there will be:

To determine the aggregate willingness to pay for a ______ good we add the individual curves together vertically, while the aggregate willingness to pay for a _____ good requires that we sum horizontally across the individuals.

The in situ price of a natural resource is

The marginal rent for a natural resource good is equal to

The present value of net benefits is equal to

A measure of efficiency that considers the future benefits and costs in addition to those today, is referred to as

To maximize society’s welfare, the government should produce a public good up until the point where the marginal social benefit ______ the marginal social cost.

Consumption of a common resource is inefficiently too _____, because the marginal social cost of the resource is ____ than the private marginal cost.

Which of the following is(are) a common resource?

If the market Supply and Demand curves for a common resource includes all costs, then

An individual will continue to use a common resource until the:

whenever a species is threatened with extinction, it is likely that:

The government can intervene to achieve the socially optimal quantity of a common resource by:

Pharmaceutical companies typically face very high fixed costs when developing new drugs. The marginal cost of producing a drug after development is very low. When these companies set price and output to maximize profit, patients pay a _____ price for _____ amounts of the drug than are socially optimal.

roads are typically open-access. Rents can be thought of as total net gain in travel time saved by using a particular road. In this case, rents

A rise in market interest rates leads to a( n ) ____ in user costs, and hence a( n ) ____ in current rates of output relative to future rates of output.

Which of the following demographics and/or social factors might be important in assessing the fairness of resource policies?

Privatizing Barnstable beach may be ____ but one might regard it as ___, in the sense that many people who once had access are now cut-off.

The government assigns each fisher the same sized catch quota for fishing off the Grand Banks. This policy might be regarded as _____, but would not normally meet ____ conditions.

_____ is to enact a regulation specifying if, how , or at what rate a natural resource can be utilized.

U.S. government sells public domain resources such as

A government failure can occur due to

On average, respondents are wtp _____ for the larger improvement from A to C compared to the smaller improvement from A to B

Suppose gas costs $1 per gallon, and the average car get 20 miles per gallon. The cost per mile would be

Suppose congress mandates that cars have to get 24 miles per gallon. The cost per mile will now be

True or False: While congress mandated a 20% increase in gas mileage, there would be a smaller (ie. Less than 20%) decrease in total gas consumption.

Energy use per person was calculated as

energy efficiency is

The energy consumption of the US was approximately ______ Btus in 2005.

_____ was the largest emitter of carbon dioxide in 2004, while ____ was the largest emitter in the production of electricity.

While many factors affect the US oil market, currently the biggest factor behind the recent decline in West Texas Intermediate crude oil prices is _______.

Recently, total US Imports of crude oil have been _______, and the amount imports coming from Canada are _______.

PURPA. the Public Utilities Regulatory Policies Act of 1978 allowed for the creation and integration of

What does the Independent system operator (ISO) do?

If the decision is made to harvest the forest next year, the present value (PV) of the net benefits are

The condition for the optimal rotation when a forest also provides species habitat (based on questions 1 and 2) is

If the forest is harvested now, the yield is equal to

True or False: Habitat value enters the condition for optimal rotation in 2 ways when a forest also provides species habitat services;

directly in H and less directly through S*

The ______ building materials decay the more feasible it would be to harvest trees for use as building materials.

the decade that saw the largest annual increase in volume (cu ft / yr) is

maximum sustainable yield is the yield for which

An ______ in the social costs of harvests, would ______ the optimal rotation.

An important nontimber value provided by forests is

If we define n to be the number of separate areas harvested in a year (across a particular plot of forest), then as n increases, we would expect that

n the US, the amount of timber harvested from public lands (i.e. National Forests) has recently