Self-Assessment v2 - Module 11 & 14

Ecology deals with the household of nature while economics deals with the _____.

• household of goods
• household of service
• household of man
• all of the above

Which of the following is an example of common resource?

• a fireworks display
• a national defense
• iron ore
• a national park

The Tragedy of the Commons is a theory put forth by _____.

• Garret Hardin
• Adam Smith
• W.C. Clark
• C. Darwin

What is the "Tragedy of the Commons"?

• It results from an inherent tension between collective and individual responsibility
• It can always be resolved through privatization and nationalization of the commons
• It is independent of the carrying capacity of the commons
• All of the above

Common property

• Is owned by specific people
• Is inexhaustible
• Refers strictly to lands resources
• Refers to goods owned by society at large and freely used by anyone

For a project to qualify on cost-benefit grounds _____

• benefits must exceed costs
• cost must exceed benefits
• benefits equal exceed costs
• costs must at least exceed benefits

Why is discounting important in cost-benefit models?

• People care about the present more & prefer to receive benefits earlier.
• People care about the present more & prefer to receive benefits later.
• People care less about the present & prefer to receive benefits later.
• People care more about the future and prefer to receive later.

A cost-benefit analysis is a(n)

• study of the factors that influence that influence decisions of buyers and sellers.
• economy in which the government decides what is made.
• equilibrium between a product's supply and its demand.
• comparison between what is sacrificed and gained by a specific action.

A protective layer of atmosphere surrounding the Earth.

• Sun spots
• Moon glow
• Aurora Borealis
• Ozone

In making environmental policies, government interacts with ______.

• organizations
• businesses
• citizens
• all of the above