Econ Final_2
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| show | A
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| According to microeconomic theory, demand for energy by private businesses is A.conditional factor demand B.compensated factor demand C.Marshallian demand D.derived factor demand | show 🗑
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| When doing horizontial summation of curves with several identical curves, what are the steps? | show 🗑
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| A distinguishing feature of growth monopoly is A.zero economic profit B.product differentiation C.small number of buyers D.small market size | show 🗑
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| show | A
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| Consumer surplus is defined as A.the area below market price and above market supply B.the area under market demand and above market price C.the area between market demand and market supply D.the area under market demand and up to equilibrium quantity | show 🗑
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| show | A
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| The Hotelling's Rule implies that scarcity rent of a non-renewable energy resource must: A. increase at the rate higher than the market interest rate B. increase at the rate equal to the market interest rate C.increase at the rate lower than the market | show 🗑
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| show | C
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| which would be a good indicator of increasing scarcity of a non-renewable resources. A.An increasing supply of the resource B.A decreasing marginal user cost C.A decreasing price of the resource D.An increasing marginal extraction cost | show 🗑
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| show | D
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| Major difference between oligopoly and monopolistically competitive market is A.the size of the market B.product differentiation C.the number of buyers D.the number of sellers | show 🗑
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| In dynamic theoretical framework, monopoly's price of a non-renewable resource is A.always higher than PC B.always lower than PC C.lower than PC initially but higher eventually D.higher than PC initially but lower eventually | show 🗑
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| If dynamic resource allocation is applied to a renewable resource with infinite supply, then in the first year quantity of the resource used will be______compared to static allocation A.smaller B.larger C.similar D.zero | show 🗑
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| Suppose that the demand for electricity is given by P = 0.2 - 0.05E. If the current price of electricity is $0.1/KWH, what is the price elasticity of demand at that price? A.-1 B.-2 C.- 0.05 D.-0.5 | show 🗑
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| Fundamental economic indicators of scarcity are A.price, marginal user cost and marginal revenue B.price, marginal revenue and marginal extraction cost C.price, marginal extraction cost and marginal user cost D.profits, revenues and size of a deposit | show 🗑
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| Suppose that total costs of a coal mine in the short run are given by TC = 10 + 5Q + Q2 where Q is the quantity of coal produced in tons. What is the mine's average variable cost when it produces 10 tons of coal? A.$16 B.$15 C.$1 D.$25 | show 🗑
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| show | D
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| Public utilities are A.competitive private firms producing energy for profit B.state owned plants C.profit monopolies D.growth monopolies | show 🗑
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| show | B
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| show | B
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| show | C
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| show | A
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| show | C
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| show | C
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| OPEC was created in A.1962 B.1960 C.1959 D.1961 | show 🗑
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| Concession is defined as A.grant of property rights for a period of time B.contract between two companies C.agreement between two countries D.tax on oil producing companies | show 🗑
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| One main reason for the first oil shock to occur was A.political instability in Middle East B.monopoly power by OPEC C.low demand for oil D.US oil embargo | show 🗑
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| show | A
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| show | B
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| The largest number of OPEC members was A.11 B.10 C.5 D.13 | show 🗑
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| The following were OPEC's main areas of activity between 1960 and 1973 A.Tax system changes, partial nationalization and quantity control B.Price control, quantity control and partial nationalization C.Complete nationalization, tax system changes and pr | show 🗑
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| show | D
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| Prior to 1960, oil market was mostly subject to A.monopolistic competition B.monopoly power by seven sisters C.oligopoly D.perfect competition | show 🗑
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| How many historical periods of the oil market development are identified in lecture notes? A.3 B.4 C.5 D.6 | show 🗑
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| Potential reserves of oil are defined as A.resources recoverable under existing economic and technological conditions B.all reserves on the basis of geological and geophysical evidence C.resources recoverable under existing economic conditions D.resourc | show 🗑
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| show | D
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| show | C
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| Who is the largest producer of oil in the world? A.Saidu Arabia B.Russia C.USA D.Canada | show 🗑
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| show | A
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| show | A
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| Proven reserves of oil are defined as A.resources recoverable under existing technological conditions B.resources recoverable under existing economic and technological conditions C.all reserves on the basis of geological and geophysical evidence D.resou | show 🗑
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| show | D
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| The following were the major features of the first oil shock: A.Oil shortage outside OPEC, low demand for oil and devaluation of US dollar B.Low demand for oil, bad economic conditions and US oil embargo C.Seven sisters' monopoly power, bad economic con | show 🗑
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| The first oil shock occured in A.1971 B.1972 C.1970 D.1973 | show 🗑
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| show | C
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| Since 1973, new OPEC activities included A.Price control and partial nationalization of oil fields B.Partial nationalization of oil fields and quantity control C.Simplification of tax schemes and complete nationalization of oil fields D.Simplification o | show 🗑
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| show | A
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| show | D
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| Which of the following periods is associated with the second oil shock? A.1980-1982 B.1978-1980 C.1982-1984 D.1984-1986 | show 🗑
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| In 1979, when oil prices were already high, what was the reason for them to get even higher? A.Expectations of rising oil prices B.Low long-run elasticity of oil demand C.Expectations of decreasing prices D.High long-run elasticity of oil demand | show 🗑
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| After 1983, OPEC's market share was A.more than 50% B.more than 60% C.less than 40% D.more than 40% | show 🗑
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| show | A
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| show | B
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| show | B
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| show | C
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| show | D
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| show | A
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| show | A
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| show | D
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| OPEC set target price of $2 per barrel of oil since A.1992 B.1990 C.1991 D.1993 | show 🗑
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| The second oil shock started A.with Iranian revolution B.with Iran-Iraq War C.with US oil embargo D.with Arab Israeli War | show 🗑
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| show | B
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| show | C
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| show | D
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| show | D
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| show | D
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| show | D
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| show | D
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| In the hybrid cartel model, the number of economic entities involved is A.5 B.2 C.3 D.4 | show 🗑
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| Suppose that demand for cartel's oil is given by P = 50 - 0.1Q . If the cartel's aggregate marginal cost is given by MC = 10 + 0.2Q, what is the cartel's profit maximizing price of oil? A.$47/b B.$37/b C.$30.0/b D.$40.0/b | show 🗑
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| Canada is A.a net importer of oil B.dependent on US oil C.the largest producer of oil in North America D.a net exporter of oil | show 🗑
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| show | A
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| Demand for cartel oil is given by P = 50 - 0.1.P =($/b), and Q = thousands barrels per day (TBD). Each cartel member has marginal cost given by MC = 30. P and Q for each member A.$30/b and 33 TBD B.$40/b and 67 TBD C.$40/b and 33 TBD D.$30/b and 67 TBD | show 🗑
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| If the hybrid model was used to explain OPEC behavior, what would be the role of Saudi Arabia? A.Cartel's core B.Price mazimizer C.Output maximizer D.Competitive fringe | show 🗑
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| show | A
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| show | A
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| A distinguishing feature of price maximizers in the hybrid cartel models is A.revenue maximization B.constant marginal cost C.down-sloping supply D.increasing marginal cost | show 🗑
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| show | C
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| In the dominant-firm cartel model, the dominant firm's marginal cost curve is A.constant B.decreasing C.U-shaped D.the lowest | show 🗑
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| In the dominant-firm cartel model, competitive fringe is A.a price taker B.revenue maximizer C.utility maximizer D.a price maker | show 🗑
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| show | B
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| The main source of oil in Canada over last 50 years has been A.Western Canada Sedimentary Basin B.oil sands C.Atlantic Canada off-shore oil deposits D.OPEC's oil | show 🗑
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| show | D
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| show | D
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| Proven reserves of natural gas depend on A.geological knowledge only B.geological knowledge and demand for natural gas C.geological knowledge, existing technology and demand for natural gas D.demand for natural gas only | show 🗑
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| The largest reserves of natural gas are A.in North America B.in Middle East C.in Asia D.in Europe | show 🗑
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| According to lecture notes, over last 10 years Canadian resrves to production ratio has been A.increasing B.cyclical C.decreasing D.stable | show 🗑
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| show | A
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| Wellhead price of natural gas is A.the retail price for end users B.the price of natural gas extractor C.the price received by natural gas producer for natural gas deliveries to a pipeline D.the input price of producers | show 🗑
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| show | D
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| show | B
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| Who is the world's largest producer of natural gas? A.Saudi Arabia B.USA C.Russia D.Canada | show 🗑
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| In terms of countries, the largest reserves of natural gas are in A.Canada B.Saudi Arabia C.USA D.Russia | show 🗑
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| In North America in general, natural gas is measured in terms of A.meters B.cubic feet C.British Thermal Units D.calories | show 🗑
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| The largest portion of Canadian natural gas comes from A.Western Canada Sedimentary Basin B.Manitoba C.British Columbia D.Atlantic Canada | show 🗑
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| show | D
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| show | B
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| The world market for natural gas is subject to A.perfect competition B.monopolistic competition C.monopoly power D.oligopoly | show 🗑
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| Burnertip price of natural gas is A.the price received by natural gas producer for natural gas deliveries to a pipeline B.the retail price for end users C.the price of natural gas extractor D.the input price of producers | show 🗑
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| Currently natural gas prices are mostly reported in A.dollars per giga-Joul B.dollars per thousand cubic metres C.dollars per million BTUs D.dollars per thousand cubic feet | show 🗑
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| show | B
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| show | C
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| show | B
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| Natural gas prices in Canada were regulated until A.1980 B.1995 C.1985 D.1990 | show 🗑
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| show | D
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| Peak demand for electricity is defined as A.maximum amount of electricity a machine (plant) can generate measured in kilowatts B.electricity produced over a period of time, divided by the amount of electricity it could have produced C.the ratio of ele | show 🗑
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| Canada has A.between 3% and 4% of the world's electric capacity B.less than 2% of the world's electric capacity C.between 2% and 3% of the world's electric capacity D.more than 4% of the world's electric capacity | show 🗑
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| Major distinguishing feature of natural monopolies is A.markup pricing B.efficient scale of operation C.large variable costs D.large economies of scale | show 🗑
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| show | B
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| show | C
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| Capacity factor of electric utility is defined as A.maximum amount of electricity a machine (plant) can generate measured in kilowatts B.the amount of electricity that a machine (plant) produces over a period of time, divided by the amount of electric | show 🗑
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| In general, average total cost curve of electric utility is A.U-shaped B.constant C.decreasing D.increasing | show 🗑
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| One of the two basic techniques in the demand side management is A.An increase in the number of users B.A decrease in capacity factor C.Two-part tariff D.An increase in electric capacity | show 🗑
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| Canada is A.the largest producer of electricity in North America B.the largest consumer of electricity in North America C.a net importer of electricity D.a net exporter of electricity | show 🗑
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| show | A
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| Price regulation of natural monopolies is based on A.two-part tariff pricing rule B.average cost pricing rule C.marginal cost pricing rule D.markup pricing rule | show 🗑
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| show | D
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| show | A
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| show | D
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| In terms of hydro-electricity, the world's largest producer is A.Zaire B.Canada C.Russia D.Brazil | show 🗑
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| show | D
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| show | A
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| show | C
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| show | D
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| A major drawback of sollar energy utilization is A.low efficiency B.discontinuous supply C.large marginal costs D.large variable costs | show 🗑
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| show | A
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| show | A
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| show | D
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| show | C
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| show | B
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| Bioenergy refers to A.Biomass and biofuels B.Biomass and biogas C.Biomass, biofuels and biogas D.Biogas and biofuels | show 🗑
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| What renewable resources are discussed in this topic? A.Solar energy, bioenergy, wind energy, geothermal energy B.Solar energy, bioenergy, hydroelectricity, geothermal energy C.Solar energy, bioenergy, wind energy, nuclear energy D.Solar energy, bioener | show 🗑
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| Biomass is defined as A.burning biological materials to generate heat B.fermenting biological waste to generate methane C.fermentation of organic matter including manure, sewage sludge,etc., under anaerobic conditions. D.fermenting biological material | show 🗑
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| In general, a wind turbine captures A.more than 70% of moving air B.more than 60% of moving air C.more than 50% of moving air D.no more than 50% of moving air | show 🗑
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| show | C
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| show | B
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| show | A
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| show | D
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| show | C
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| Compared to energy systems based on fossil fuel utilization, total costs of solar energy utilization are A.comparable B.higher C.the same D.lower | show 🗑
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| Solar cells of a PV-System are made of A.helium B.magnium C.heavy metals D.semi-conductors | show 🗑
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| The largest producer of wind energy in the world is A.Germany B.USA C.Canada D.Japan | show 🗑
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| The largest producer of geothermal energy in the world is A.USA B.Germany C.Japan D.Canada | show 🗑
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| The following four rent collection techniques are discussed in this topic A.taxes, competitive bidding, marketing boards, multinational corporations B.taxes, multinational corporations, marketing boards, public-private ownership C.taxes, competitive bid | show 🗑
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| In original formulation of the concept of rent, Ricardo claimed that A.markets for capital and labour are not perfectly competitive B.no rent is earned on marginal land C.supply of land is unlimited D.no rent is earned on the most productive land | show 🗑
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| show | b
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| show | d
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| show | d
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| show | c
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| show | a
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| show | b
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| Scarcity rent is defined as A.the excess of the market value of supramarginal units of natural resources over current scarcity rents B.the difference between total revenue and total variable costs C.the difference between marginal revenue and marginal | show 🗑
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| In general, a tax on Ricardian rent A.affects the long-run behaviour of a resource company B.affects behaviour of a resource company in both, the short-run and long-run C.does not affect behavior of a resource company in both, the short-run and long-run | show 🗑
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| show | d
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| As discussed in lecture notes, political infrastructure includes the following four groups: A.government, consumers, government bureaucracy, owners and workers of resource firms B.government, parliament, government bureaucracy, owners and workers of res | show 🗑
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| show | a
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| show | a
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| Property tax is A.percentage of the total revenue earned from the sale of energy resources B.percentage of the value of a site C.percentage of the profit earned by a resource extractor D.a fixed fee per unit of land of a site | show 🗑
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| A major advantage of a crown corporation is A.lower operating costs B.public control over production and managerial decisions C.low sensitivity to political demands D.low monopoly power | show 🗑
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| Economic theory states: do not tax A.scarcity rent B.Ricardian rent C.differential rent D.quasi rent | show 🗑
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| show | a
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| If a government fails to collect economic rents associated with energy resources then A.it will not be able to finance social programs B.it will not be able to finance social transfers C.it will create inefficiencies in an economy D. it will decrease t | show 🗑
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| As an owner of energy resouces, any state faces the following three problems A.rent-seeking, management of political infrastructure and rent distribution B. rent collection, rent distribution and management of political infrastructure C.rent-seeking, r | show 🗑
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| show | B
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| In order to decrease the depletion rate, it is possible to A.introduce competitive bidding for new deposits of energy resources B.introduce a depletion subsidy C.introduce a depletion tax D.introduce a tax on technology | show 🗑
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| Social dimension of sustainable development is associated with A.clean environment, biodiversity and optimal management of resources B.inter- and intra-generational equity and social well-being C.Pareto optimal path of an economic system D.perfectly com | show 🗑
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| In order to achive sustainability faster it is necessary A.to keep the rate of people's time preferences at a high level B.to keep the rate of people's time preferences at a low level C.to keep the rate of technological progress steady D.to keep the rat | show 🗑
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| show | c
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| show | a
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| Environmental dimension of sustainable development is associated with A.perfectly competitive markets in all sectors of the economy B.Pareto optimal path of an economic system C.inter- and intra-generational equity and social well-being D.clean environm | show 🗑
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| show | d
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| show | a
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| show | a
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| Sustainable developemnt includes A.fiscal, monetary and economic dimensions B.social, environmental and economic dimensions C.social, military and fiscal dimensions D.fiscal, monetary and environmental dimensions | show 🗑
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| show | c
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| show | a
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| Economic stocks are defined as A.variables that represent the state of an economy at a point in time B.all macroeconomic variables that do not change over time C.variables that describe a change of an economy over time D.accumulated capital stock minus | show 🗑
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| show | a
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| A major conclusion from a cake-eating model without environmental amenity is that The rate of technological progress must A.be no less than the rate of people's time preferences B.be always equal to the rate of people's time preferences C.be lower tha | show 🗑
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| In an economic sense, sustainability constraint implies A.a non-decreasing utility over time B.a non-increasing utility over time C.a constant utility over time D.a cyclical utility over time | show 🗑
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| A typical problem of optimal economic growth and development is a problem of A.cost minimization B.utility maximization C.total revenue maximization D.profit maximization | show 🗑
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| An example of economic flow would be A.capital B.population C.labour D.technology | show 🗑
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| show | a
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