Economics of the Environment

Which of these is not an example of a commons?

• National forests

• The ocean
• Privately owned farms
• Highways

What is the definition of ecological footprint?

• is the footprint of ecologist

• is a measure of the impact living things have on the environment.

• is a kind of plant that grows in the rainforrest.

• a measure of the amount of land needed to support one person in a particular country.

More- Developed Countries are....

• industrialized with high average income

• industrialized with low average income

• have high poverty rates

• have low ecological footprints

Select the best definition for the term sustainable.

• able to meet the current demand for a resource without depleting the future supply
• the amount of a product or service offered for sale at a given price
• the amount of a product or service people will buy at a given price if free to do so
• upsetting the ecological balance by depleting natural resources

A company is considering whether to invest in a new project. They need to weigh the cost of the project against the expected benefits. What is this process called?

• Cost-Benefit Analysis

• Law of Supply and Demand

• Risk Assessment

• Tragedy of the Commons

As the demand for a good or service increases, the value of the good or service also increases.

• Cost-Benefit Analysis

• Law of Supply and Demand

• Risk Assessment

• Tragedy of the Commons

A scientific estimation of the likelihood of negative effects that may result from exposure to a specific hazard.

• Cost-Benefit Analysis

• Law of Supply and Demand

• Risk Assessment

• Tragedy of the Commons

Developing countries have rapid population growth.

• True

• False

Consider a scenario where a popular toy is released in limited quantities during the holiday season. In this context, the law of supply and demand states that

• the more toys are available, the more people will want them

• the more people want the toy and the less it is available, the less the toy is worth

• the more people want the toy and the less it is available, the more the toy is worth

• without regulation, individuals will buy too many toys and not leave enough for others

Conflict between short-term interests of individuals and long-term welfare of society

• Developed nation
• Supply and demand
• "Tragedy of the Commons"
• Ecology