- 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) Market price of a good
C) Government subsidies
D) Total cost of production
- 2. Which economic approach considers the impacts of human behavior on resource management?
A) Laissez-faire economics
B) Supply-side economics
C) Behavioral economics
D) Monetarist economics
- 3. Which resource management strategy focuses on preserving natural habitats and biodiversity?
A) Exploitation
B) Privatization
C) Monopolization
D) Conservation
- 4. Which economic concept implies that resources are limited, and thus choices must be made?
A) Abundance
B) Scarcity
C) Wastefulness
D) Overconsumption
- 5. What does the IPAT equation represent in resource economics?
A) Resource depletion rate
B) Environmental Impact = Population x Affluence x Technology
C) Market demand curve
D) Conservation efforts
- 6. Which resource management strategy involves assigning property rights to individuals?
A) Common ownership
B) Collective ownership
C) Public ownership
D) Private ownership
- 7. Which of the following is an example of a common-pool resource?
A) Private garden
B) Fisheries
C) National park
D) Hunting reserve
- 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) Fixed cost
B) Sunk cost
C) Marginal cost
D) Variable 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) Average cost
D) Fixed cost
- 13. Which economic tool is used to evaluate the overall costs and benefits of a project or policy?
A) Monopoly regulation
B) Fiscal policy
C) Cost-benefit analysis
D) Supply and demand curve
- 14. Which economic term describes the situation where a market fails to efficiently allocate resources?
A) Market equilibrium
B) Opportunity cost
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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