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Questions
1. If we take the world's known reserves of oil, and divide this total quantity by average annual oil consumption, we obtain the "reserves-to-use ratio," the number of years that remain before exhaustion of our oil resources. Explain why this ratio paints a misleading picture of oil scarcity.
2. The Hotelling Rule states that marginal user cost rises at the rate of interest. Explain the intuition behind this result.
3. If interest rates were to fall unexpectedly, what would you expect to happen to the price of a nonrenewable resource like oil? What would happen to the rate of price increases going forward? Explain your reasoning.
4. Oil and endangered species are both natural resources with high economic value. Yet a private landowner in the United States might react very differently to the discovery of an oil well on her property than she would to the discovery of an endangered species population. Explain this difference, using economic concepts.
5. Economist Robert Solow has said that "the monopolist is the conservationist's friend." Explain this in the context of nonrenewable resource extraction.
The following table summarizes the marginal abatement cost functions for an industry with two sources of pollution. What is the level of emissions and abatement at each source under the uniform standard? What is the total compliance cost for the indu..
Explain the key points of this article in terms of Economics in general.Explain the key points of this article in terms of "Scarcity&Choice" of economics.
Consider we wanted to know how many trips versus dinners out you could purchase. If you were told that X = number of trips and Y = the number of dinners out and you were given the following budget information; M=4000, Px=800, and Py=100, What is the ..
1. Is there asymmetrical information inherent in this contract? 2. Is there adverse selection consequences inherent in the contract?
(a) Calculate the size of the labor force and the unemployment rate using the current practice of BLS.
The two primary issues in international commerce are dumping and tariffs. Dumping is the international form of predatory pricing, prohibited by the WTO. Tariffs are taxes on imported goods, effectively increasing the price on these goods. A domestic ..
According to the theory of supply, sellers will place:
Explain the key features and innovations of Progesa/ Oportunidades Program regarding human capital? Even though the program has been successful in Mexico, Explain why a similar program might not work elsewhere.
The World Bank projects that the world's population will increase from 7 billion to 8 billion in 2025. World output today is roughly $80 trillion. What is global per capita income today? What will per capita income be in 2025 if the world's economy d..
Explain how an increase in the labor force participation rate (LFPR) may a/ect Long Run Aggregate Supply and Short run Aggregate Supply.
Two important concepts that our chapter on Foreign policy discusses are the values that drive foreign policy and the specific instruments that are utilized to carry out foreign policy. In the post-9/11 and Afghanistan/Iraq Conflicts era, do you think..
You have just started a new job and one of the fringe benefits is a company contribution of $5,000 every year into a retirement savings account. Assuming the contribution amounts remain unchanged and that the account earns an average of 8% per year, ..
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