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Exam 19: Natural Resource and Energy Economics

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Question 31

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"Conflict diamonds" refer to the diamonds

A) that were stolen by the Nazis in WWII and are now reclaimed by the true owners.
B) mined by combatants in war zones in Africa.
C) whose authenticity is contested by experts in the industry.
D) over which major rivals are heatedly bidding against one another in the auction markets.

E) A) and B)
F) C) and D)

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Question 32

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Weak property rights encourage faster extraction than would otherwise maximize the long-term stream of profits.Topic: Natural Resource Economics Topic: Renewable Resources

A) True
B) False

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Question 33

Multiple Choice

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Taking into account infant and child mortality, the total fertility rate that is necessary to keep a country's population from falling over time is

Which of the following, in order, describes the three steps of the demographic transition?

Which of the following is considered a renewable natural resource?

Because better technology means that more output can be produced with the same amount of energy input, rising living standards in the future will not necessarily depend on using more energy.

An oil producer discovers an oil supply in Texas that can be pumped for a profit of $50 per barrel now, $60 per barrel in three years, $80 per barrel in five years, or $90 a barrel in seven years.The current market rate of interest is 3 percent.When should the oil producer extract the oil to obtain the most profit per barrel in present value terms?

An example of a nonrenewable resource would be

Which of the following explains why commodity prices have fallen since 1850?

Demographers refer to this as the "demographic transition": The reduction in death rates brought about by rising standards of living "causes a temporary population explosion because parents-initially unaware that such a revolutionary change in death rates has taken place-for a while keep having six or more children-to ensure that at least two will survive to adulthood." For which major industrialized country could this statement be used to explain its current population trend?

The demand for productive resources has grown faster than the supply of productive resources for the past 150 years.

Power plants with the lowest operating costs tend to

In energy economics, "BTU" stands for

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

According to U.S.Energy Information Administration data, about what percentage of U.S.electricity was generated by coal-fired plants in 2014?

If a country has a total fertility rate of 1.8, then, all else equal, we would expect

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.If the market price of Pacific halibut is $40 per ton, what is the maximum amount Melanie would be willing to pay per ton for Oli's ITQs?

In the absence of enforceable property rights, there is little incentive to preserve resources for future use.

An oil company is considering drilling in the Gulf at a current cost of $300,000 with an expected profit of $500,000 in three years.The current market rate is 10 percent.Should the company make the investment?

A total fertility rate of approximately 1.0 will cause each generation to be half as large as the preceding generation.