ECP 3302_Quiz2_Answers.pdf - 1 Name Panther ID ECP...

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1 Name: Panther ID: ECP 3302 (Online), Summer 2011 Introduction to Environmental Economics Quiz 2 (Due June 22) Instructions: Write your name and panther id on top and fill out the blanks with appropriate word/words based on your readings from corresponding chapters and turn it in the drop-box in Blackboard. The total points in this quiz are 50, each question is worth of 2 points. Chapter 6 1. “Providing the typical person alive in the future with a standard of living, including both material and environmental welfare, at least as high as that enjoyed by the typical person today” is one way to define sustainability . 2. GDP is a poor measure of sustainability because it: 1) fails to include the values of nonmarket production 2) fails to subtract the costs of growth 3) fails to account for the depreciation of the capital used up in production 4) reflects the experience of the “average” rather than the “typical” person 3. NNW is defined as: GDP+non-market output – exernality costs- clean-up costs- depreciation of natural capital- depreciation of created capital. 4. Neoclassical economists discount the future net benefits of investing in environmental protection projects to reflect the opportunity cost of the foregone earnings from alternative investments.
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