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TEST # 5 - CHAPTER 6 Chapter 6: Valuing the Environment Name _________________________________________ Test Score________ Part A: Multiple-choice

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TEST # 5 – CHAPTER 6 Chapter 6: Valuing the Environment Name _________________________________________ Test Score________ Part A: Multiple-choice Questions ( 40 points ) 1. A local forest provides habitat for deer that are harvested by hunters. The hunters receive what type of benefit in this case? 1) Direct use value 2) Indirect use value 3) Option value 4) Bequest value 5) Existence value 2. A wildlife preserve provides what type of economic benefits? 1) Use values only 2) Non-use values only 3) Existence values only 4) Direct and indirect use values only 5) Both use and non-use values 3. A decision to postpone commercial development of an undisturbed parcel shows an example of what type of economic benefits? 1) Direct use values 2) Indirect use values 3) Existence values 4) Option values 5) Bequest values 4. Which one of the following valuation techniques is not based on the value of marketed goods or services? 1) Hedonic pricing 2) Avoided cost valuation 3) Production function valuation 4) Contingent valuation 5) Engineering cost valuation 1
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5. An economist estimates the value of a nature preserve by calculating the price premium people pay for houses located adjacent to the preserve. This is an example of what type of economic valuation? 1) Hedonic pricing 2) Production function valuation 3) Contingent valuation 4) Travel cost method 5) Engineering cost valuation 6. Asking people to indicate their economic values in a survey is an example of what type of economic valuation? 1) Travel cost method 2) Contingent valuation 3) Hedonic pricing 4) Production function valuation 5) Avoided cost valuation 7. Valuing environmental services based on the prices of marketed goods is called . .. 1) Travel cost method 2) Contingent valuation 3) Hedonic pricing 4) Production function valuation 5) Avoided cost valuation 8. Which one of the following techniques would most likely be used to estimate the value of preservation of a remote arctic wildlife preserve? 1) Hedonic pricing 2) Travel cost method 3) Production function valuation 4) Engineering cost valuation 5) Contingent valuation 9. Which one of the following techniques is an example of the replacement cost method of economic valuation? 1) Contingent valuation 2) Hedonic pricing 3) Travel cost method 4) Habitat equivalency analysis 5) Cost-effectiveness valuation 2
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