- 1. Resource economics is a field of study that focuses on the efficient utilization and management of scarce resources. It involves analyzing how societies allocate resources such as natural resources, labor, capital, and technology to produce goods and services. Resource economics seeks to understand the dynamics of supply and demand for these resources and how they impact economic growth, sustainability, and overall welfare. By studying resource economics, researchers can develop policies and strategies to ensure the long-term availability of resources for future generations while maximizing economic efficiency and minimizing environmental impacts.
What is the concept of opportunity cost in economics?
A) Total cost of production
B) Value of the next best alternative foregone
C) Government subsidies
D) Market price of a good
- 2. Which economic approach considers the impacts of human behavior on resource management?
A) Supply-side economics
B) Monetarist economics
C) Laissez-faire economics
D) Behavioral economics
- 3. Which resource management strategy focuses on preserving natural habitats and biodiversity?
A) Monopolization
B) Privatization
C) Conservation
D) Exploitation
- 4. Which economic concept implies that resources are limited, and thus choices must be made?
A) Abundance
B) Wastefulness
C) Scarcity
D) Overconsumption
- 5. What does the IPAT equation represent in resource economics?
A) Environmental Impact = Population x Affluence x Technology
B) Conservation efforts
C) Resource depletion rate
D) Market demand curve
- 6. Which resource management strategy involves assigning property rights to individuals?
A) Public ownership
B) Collective ownership
C) Private ownership
D) Common ownership
- 7. Which of the following is an example of a common-pool resource?
A) National park
B) Private garden
C) Hunting reserve
D) Fisheries
- 8. What is the main objective of environmental impact assessments in resource management?
A) Maximize resource extraction without limits
B) Minimize regulatory requirements
C) Ignore environmental concerns
D) Predict and manage environmental effects of resource projects
- 9. What type of cost involves expenses that do not change as output changes?
A) Sunk cost
B) Marginal cost
C) Fixed cost
D) Variable cost
- 10. What economic concept refers to the satisfaction or benefit derived from consuming a good or service?
A) Demand
B) Supply
C) Profit
D) Utility
- 11. What is the term used in economics to describe the situation where the consumption of one person reduces the amount available for others?
A) Excludability
B) Rivalry
C) Complementarity
D) Substitutability
- 12. Which economic concept represents the additional cost of producing one more unit of a good or service?
A) Opportunity cost
B) Fixed cost
C) Marginal cost
D) Average cost
- 13. Which economic tool is used to evaluate the overall costs and benefits of a project or policy?
A) Fiscal policy
B) Cost-benefit analysis
C) Monopoly regulation
D) Supply and demand curve
- 14. Which economic term describes the situation where a market fails to efficiently allocate resources?
A) Opportunity cost
B) Market equilibrium
C) Productivity
D) Market failure
- 15. What is the role of risk management in resource economics?
A) Assess and mitigate potential uncertainties in resource decisions
B) Ignore potential consequences of resource use
C) Avoid all risks in resource exploitation
D) Maximize risk for higher returns
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