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| Two alternatives to cost-benefit analysis are ______ analysis and ______ analysis |
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| In environmental valuation, Total Willingness to Pay is made of ______, ______, and ____ value. |
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| IF a local forest provides a habitat for deer that are shot by hunters, the hunters receive ______ value from the forest. |
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| A decision to postpone commercial development of an undisturbed parcel because farming on it might be more profitable in the near future is an example of ______ value. |
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| Economic value derived from motivation other than for-profit use is ______ value. |
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| ________ calculations generate comparable cost/benefit estimates that are received in different time periods. |
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| In environmental policy making, private and social discount rates may differ because benefits of environmental projects usually place greater value on ________. |
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| T or F: All US health, safety, and environmental regulations can be justified as producing positive net benefits when measured using economic analysis. |
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| T or F: Emission policy cost estimates are the biggest problem in the methodology for valuing human life. |
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| Asking people to state their economic values in a hypothetical situation is an example of ______ valuation. |
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| An economist estimating the value of a nature preserve by calculating the price premium people have been paying for houses located on the border of the preserve is an example of ________. |
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| A model that infers the values of recreational sources by analyzing how much visitors spend to travel to the sites is a ________ model. |
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| The ____________ approach uses regression analysis to infer environmental values from spending on goods that include those values. |
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| ________ sustainability assumes limited or no substitution between non-renewable and other resources. |
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| T or F: Maintaining strong sustainability would require extensive government intervention in many markets. |
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| A dynamically efficient allocation is one that maximizes ____________ from a non-renewable resource received in both periods. |
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| As a non-renewable resource is depleted, the price ______ and extraction ______. |
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| Marginal user cost reflects the difference between the ______ and the ______. |
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| price / marginal extraction cost |
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| The price at which the quantity demanded is zero is called the ______ price. |
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| A higher discount rate favors the ______. |
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| The prices of the non-renewable and the renewable resource are equal at the ________. |
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| Corn ethanol and fish are examples of ________ resources. |
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| Most of the world's fresh water is used in ______. |
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| Regulating water prices to change consumption is an example of ________ water management. |
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| T or F: Subsidizing irrigation water supply would reduce water use. |
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| The Riparian Rights doctrine means that the right to use water is assigned to ____________. |
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| the owner of the land adjacent to the water |
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| The Prior Appropriation doctrine means that the right to use water is assigned to ____________. |
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| a user that had previously applied part of the water to beneficial use |
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| Usufructory right in water economics means that the ______ has the right to water ownership but the ______ have the right to use it. |
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| "Preferential use" establishes a ____________, and is a major restriction on water transfers. |
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| The main potential benefit of water markets is that water is used for ________. |
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| its most highly-valued purposes |
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The value of an acre of farmland that generates profit forever in an economy where the discount rate is "i" is modeled by this equation:
(____ - ____)*____ |
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| Bid rent functions for land show maximum benefit per acre that could be achieved by a given land use as a function of ____________. |
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| the distance from the center of an urban area |
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| T or F: A decrease in the bid rent function for agriculture could result from the closing of export markets. |
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| ________ occurs when new development occurs not on the very edge of current development, bu further out. |
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| ________ occurs when land uses in a particular area are inefficiently dispersed. |
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| The Eminent Domain doctrine means that the government can legally acquire private property for ______ by condemnation as long as the landowner is paid ______. |
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| "public purpose" / "just compensation" |
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| The Frustration of Public Purpose refers to possible exercise of monopoly power by the ______ that is to be acquired by ______ under Eminent Domain. |
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| property owner / the government |
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| Land use restrictions that establish permitted and compatible land uses are known as ______. |
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