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Exam 19: Natural Resource and Energy Economics

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Question 91

Multiple Choice

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Alternative fuels become more economically viable as

A) the demand for oil decreases.
B) subsidies for alternative fuels are removed.
C) oil exploration and drilling technology improve.
D) the price of oil rises.

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

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Question 92

Multiple Choice

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In energy economics, "BTU" stands for

A) boiling temperature unit.
B) base tax utility.
C) British thermal unit.
D) base technology utility.

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

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Question 93

Multiple Choice

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Population will necessarily fall if the

If the price of oil falls, the economic viability of alternative energy sources also tends to fall.

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

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

The total cost of extracting and selling a resource in a given year is the sum of the extraction cost and user cost.

Which of the following factors fosters the survival of alternative-energy companies?

What are conflict diamonds, and what do they illustrate about resource use?

Higher interest rates will, all else equal,

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 $25. If the market price of Pacific halibut is $35 per ton, what is the minimum amount per ton that Melanie would have to offer Oli to convince him to sell Melanie his ITQs?

One of the worst systems for encouraging conservation of fisheries is the combination of total allowable catch (TAC)with individual transferable quota (ITQ).

The user cost of a resource is the market price paid by the buyer of the resource.

Paul Ehrlich's book The Population Bomb made which of the following predictions?

What are some of the benefits of forests? What percent of the land area in the U.S. is covered in forests?

The table shows the quantity of gold bars in thousands, the extraction cost for each thousand bars (in millions of dollars) , and the user cost of each thousand bars (in millions of dollars) facing the OZ Mining Company this year (all costs are marginal) . If the current price of a bar of gold is $25,000, how many bars (in thousands) should OZ extract and sell this year in order to maximize profits?

As technologies improve, the costs of producing alternatives will likely fall, reducing the cost of replacing oil.

In which step of the demographic transition would we expect population to grow the fastest?

Distinguish between renewable resources and nonrenewable resources.

The amount of land covered by forests is