FOR330 - University of Montana Study Guide (Midterm)
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| What is a natural resource? | A scarce (relative to demand) item that is not man-made. They are a factor of production that is not man-made. They include fund, flow and biological resources. They are scarce. What is concidered a natural resource can vary over time with technology an
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| What is a flow resource? | Flow resources become available over time in quantities and qualities beyond human control and must be used when available or they will be wasted.
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| What is a fund resource? | A fund resource is a stored flow resource.
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| What is an example of a biological resource? | Crops, forests, and animal populations.
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| What is an example of a direct use value? | The use of water in a manufacturing process.
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| What is an example of an indirect use value? | Nutrient cycling, carbon cycling and biodiversity.
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| What is an extractive value? | timber, gold, silver, copper, ect.
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| What is a non-extractive value? | whale watching and rock climbing.
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| What is the defination of bequest value? | The willingness of someone to pay to ensure that future generations can have a natural resource or a general level of environmental quality available to them.
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| What is the defination of existance value? | The willingness of someone to pay to ensure that something continues to exist, even if the person never intends to use or consume it. (Free-roaming African wildlife)
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| Name four values to society that forests provide. | Wildlife habitat, carbon sequestation, soil protection, and watershed protection.
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| The law of diminishing returns states that: | whenever you have a fixed production unit, the marginal benefits generated by that production unit from marginal inputs will ultimately decline.
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| Adam Smith, in The Wealth of Nations, argues that people acting in their own self-interest will... | tend to promote general economic well being.
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| Suppose the entry fee per visitor to a national park increases. What happens to the consumer surplus of recreationists visiting the park? | It decreases.
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| For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? | The good is a luxuray.
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| In our discussion of sustained yield management of the public forest estate, we saw that maintaining a constant supply of logs to industry: | is not economically efficient
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| In this course, we have adopted the Kaldor-Hicks compensation criterion (also known as the potential Pareto improvement criterion) to compare social welfare outcomes for alternative natural resource management policies. In the contect of a consumer, prod | maximises total surplus.
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| Public goods are distinguished by two primary characteristics. These are: | non-rivalry and non-excludability.
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| Monopsonies and oligopsonies are common in the primary processing (e.g. logging and sawmilling) sector of the timber industry. What is this likely to mean for timber growers? | Lower stumpage prices and lower quantities of stumpage demanded than would be expected in a competitive market for stumpage.
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| A Pigouvian tax should be set equal to | the divergence between private and social costs.
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| Reduction of pollution emissions can be accomplished with: | moral suasion, government production of envirnmental quality, command and control regulations, and ecconomic incentives.
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| Assumptions behind the Coase Theorem include: | small number of parties involved, small transaction costs.
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| Market failure is the inability of the market to allocate resources efficently, that is to the point where | marginal social benefits are equal to marginal social costs.
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