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