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Practice questions 3803 - Final2013.doc

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ECON 3803
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C A R L E T O NU N I V E R S I T YDEPARTMENT OF ECONOMICECON 3803 AECONOMICS OF NATURAL RESOURCESPractice QuestionsConcept Questions1What is the revealed preference approach to natural resource evaluation Explain the difference between the two main revealed preference approaches2Explain what is meant by a Pareto suboptimal resource allocation3Outline the connections and distinctions between efficiency considerations and distributional or welfare considerations Why is it or is not important to consider both in furthering our understanding of the economics of natural resources4Resource allocation is said to be socially optimal when the marginal value of the natural resource is equal to the marginal extraction cost of that resource Is this statement true or false Explain your response5Briefly discuss with a diagram the economics of recycling In what three ways can the recycling ratio be affected6Explain how OPEC an oil cartel can affect the marginal user cost MUC in extraction of petroleum Can OPEC be used as a good example for the extraction of an exhaustible resource Explain7Briefly discuss the concept of energy selfsufficiency In what three ways can a country such as the USA reduce its import dependency ratio 8The optimal rotation age of a forest resource is sensitive to several factors Identify three of these factors and explain how they will affect the optimal rotation age 9Briefly differentiate between the two types of public policy for resource allocationIncentivebased policies and direct controls Provide two examples for each of these policy types10The concept of marginal user cost MUC in resource extraction is important Do you agree with the statement Briefly explain your answer11Explain the combination of factors that may result in increases in the quantity of materials recycled and at the same time a decrease in the recycling ratio12In an economic analysis of forest management in Ontario analysts found that the total net benefit peaked at about 1300ha in year 75 at a discount rate of 3 When the discount rate was doubled to 6 the total net benefit only peaked at 200ha in year 63Explain the reason for the differences in total net benefits and rotation ages for the two discount rates13In Ontario much of the forest resource is publicly owned whereas in New Brunswick and Quebec a larger proportion of the forest resource is privately owned Which one do you think is a better way to managing the forest resource Explain1
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