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Exam 9: Atmosphere and Air Pollution

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Question 21

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Discount rates are used to determine the_____________ .

A) intrinsic value of renewable resources
B) aesthetic value of natural assets
C) current value of an asset based on future value
D) future value of an asset

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Question 22

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Read the following scenario, and answer the questions below. As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil which would take 1 year to extract) is estimated to be worth $10 million in today's market. -You are asked to advise whether to immediately begin extracting the oil or wait 5 years to begin extraction.If the annual interest rate is 5%,at least how much would the oil have to be worth in the future market for you to advise waiting 5 years to begin extraction? Assume that you are asked to base your recommendation solely on the money earned.

A) Approximately $20 million
B) Approximately $10.5 million
C) Approximately $13 million
D) Approximately $12 million

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Question 23

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Which of the following is a tenet of conventional economic theory?

An_________would evaluate a decision or action based solely on its potential impact on human health,economic welfare,and aesthetics.

____________is the study of how we decide to use scarce resources in the face of demand.

Environmental ethics____________ .

The GDP of the United States ___________.

Externalities include_____________ .

Read the following scenario, and answer the questions below. As an economist, you are asked to analyze the present versus future value of fossil fuel resources in a newly discovered oil field. You determine that the oil which would take 1 year to extract) is estimated to be worth $10 million in today's market. -What is the term for the economic practice that you are being asked to do by assessing present versus future value of the resource?

Which of the following would be considered a nonrenewable resource?

Which of the following indices is most likely to increase as a result of people spending money to rebuild or relocate after a hurricane wipes out their town?