- 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) Government subsidies
B) Value of the next best alternative foregone
C) Market price of a good
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) Monopolization
B) Exploitation
C) Conservation
D) Privatization
- 4. Which economic concept implies that resources are limited, and thus choices must be made?
A) Abundance
B) Overconsumption
C) Scarcity
D) Wastefulness
- 5. What does the IPAT equation represent in resource economics?
A) Conservation efforts
B) Resource depletion rate
C) Environmental Impact = Population x Affluence x Technology
D) Market demand curve
- 6. Which resource management strategy involves assigning property rights to individuals?
A) Common ownership
B) Private ownership
C) Public ownership
D) Collective ownership
- 7. Which of the following is an example of a common-pool resource?
A) National park
B) Private garden
C) Fisheries
D) Hunting reserve
- 8. What is the main objective of environmental impact assessments in resource management?
A) Maximize resource extraction without limits
B) Predict and manage environmental effects of resource projects
C) Minimize regulatory requirements
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) Profit
B) Supply
C) Utility
D) Demand
- 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) Complementarity
B) Substitutability
C) Excludability
D) Rivalry
- 12. Which economic concept represents the additional cost of producing one more unit of a good or service?
A) Average cost
B) Fixed cost
C) Opportunity cost
D) Marginal cost
- 13. Which economic tool is used to evaluate the overall costs and benefits of a project or policy?
A) Fiscal policy
B) Supply and demand curve
C) Monopoly regulation
D) Cost-benefit analysis
- 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) Assess and mitigate potential uncertainties in resource decisions
B) Maximize risk for higher returns
C) Avoid all risks in resource exploitation
D) Ignore potential consequences of resource use
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