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Midterm & Solution 03 - 2

Midterm & Solution 03 - 2 - ECON/FRE 374 Land and...

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ECON/FRE 374: Land and Resource Economics Second Midterm, May 23rd, 2003. Total Points: 100 Student Name:______________________________ Student Number____________________ This is Exam Version: A (total pages for this exam version: 8) You have 60 minutes (1 Hour) to complete your exam so please budget your time accordingly. Please read all questions carefully. Answer each question in the space provided after the question. You can use the blank side of each sheet if you need extra space for an answer, or for rough work. Please point clearly to any answer written on a blank sheet. This will ensure that your grader does not miss the answer. Section 1: Multiple Choice Questions . Each question worth 3 points, total points: 42 1) A possible method to approximate active (use) benefits is a. Direct Market Price Analysis b. Indirect Market Price Analysis c. Contingent Valuation d. All of the above Answer:___________________________________ 2) A possible method to approximate passive (non-use) benefits is 3) Let S be structural characteristics of the house, N be neighborhood characteristics, and Q be the environmental characteristic of interest, and P hi be the price of house i. In the estimating equation for the Hedonic property value model the parameter α 3 represents i i i i hi Q N S P ε α α α α + + + + = 3 2 1 0
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Midterm Exam FRE 374 Set A 2 of 9 4) The following is included while calculating the cost of travel in the Travel Cost Method
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