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natural resource economics

Questions and Answers of Natural Resource Economics

5. What steps might the authorities take to offset the monetary effects of events in question 4?
4. In the flow of funds analysis, explain the effect of an increase in the government’s budget deficit, ceteris paribus.
3. How is the LM curve affected by the introduction of some interest elasticity in the money supply curve?
2. Using figure 3.1, show the difference in impact on money market equilibrium of a given reduction in reserve assets when (a) the money supply curve shows some positive elasticity with respect to
b) the development of new deposit liabilities with zero reserve requirements;c) a dramatic increase in the number and distribution of cash machines.
a) an introduction of a mandatory reserve ratio in excess of the prudential ratio currently in force;
1. In the B-M approach, explain the effects of the following and show them diagrammatically:
3. Calculate a new value for the multiplier if banks increase their reserve ratio to 0.012 (α remaining at 0.04).
2. Suppose that the public’s cash preferences change such that α falls to 0.04.Recalculate the multiplier value.
1. Suppose that α = 0.05 while β = 0.01, calculate a value for the multiplier.
10. What effect has it had upon the aggregate reserve ratio?
9. What effect does this have upon the total money stock?
Suppose that the non-bank public now decides to hold 50 of additional notes and coin.
8. What is the reserve ratio for each individual bank and for the system as a whole?
7. What is the total money stock now?
6. Draw up new balance sheets for each bank.
Suppose now that bank B makes additional loans of 100 to a subset of its customers and that some of these customers use 50 to make payments to other depositors of the same bank and 50 to make
5. What is the reserve ratio for each individual bank and for the system as a whole?
4. What is the total money stock now?
3. Draw up new balance sheets for each bank.
Suppose now that bank A makes additional loans of 50 to a subset of its customers and that some of these customers use 20 to make payments to other depositors of the same bank and 30 to make payments
2. What is the reserve ratio for each individual bank and for the system as a whole?
1. What is the current stock of broad money?
But why each is more appropriate to the analysis of a particular type of monetary regime.
How these two approaches can be formally reconciled
How the flow of new money can be analysed as the outcome of bank lending
How the size of this multiple depends upon underlying portfolio preferences
How the quantity of broad money can be expressed as a multiple of the monetary base
How changes in the quantity of money involve changes in banks' balance sheets
9. List the problems faced by the monetary authorities in preparing money supply statistics.
8. Distinguish between ‘monitoring’ and ‘targeting’ in the context of money supply measures.
7. What is the distinction being made in the text between ‘descriptive’ and‘prescriptive’ definitions of money?
6. Distinguish between:(a) means of payment and medium of exchange;(b) inside money and outside money;(c) broad money and narrow money.
What are these different definitions and how do they relate to the discussion in the text about information and uncertainty?
5. There is a distinction made in the economics literature between ‘consumption’and ‘consumption expenditure’. This distinction implies differ-DEFINITIONS OF MONEY IN ECONOMICS 47 Quantity
Can you provide some examples? Are purely financial transactions necessarily speculative?
4. What do you think is meant in the text by a ‘purely financial transaction’?
3. List the advantages and disadvantages of holding savings in the form of money.
Does this question provide a reasonable analogy with the notion of analysing an economy as if it were always in equilibrium or as if there were perfect competition? If not, why not?
2. Would it be sensible always to act as if the weather forecast for the following day were always correct if, on average, weather forecasts were correct:10 per cent of the time?50 per cent of the
(a) a stable equilibrium; (b) an unstable equilibrium. Is the length of time a system takes to return to an equilibrium position important? If so, why?
1. What is meant by a ‘stable equilibrium’? Draw simple diagrams showing
Can you think of ways in which you might try to obtain such a measure?
Why is it so difficult to measure the value of all transactions in an economy, including financial transactions and the exchange of second-hand goods?
Official measures of money and how these have changed over time
Different approaches to the theoretical definition of money in economics
Problems in the expression of the Quantity Theory of Money
In particular, the impact on definitions of money of assumptions about the level of information in an economy
How views of the nature of money are influenced by assumptions about the working of economies
9. The text refers to the treatment of the market in economics as a theoretical concept devoid of social and institutional features. Clearly there are many differences among different types of
8. How would you explain the phrase ‘time is money’? In recent years,‘time banks’ have been developed to try to help poor people and communities to overcome some of the problems they face
7. Provide examples of transactions in our modern monetary economy that take place through barter.
6. The words ‘exogenous’ and ‘endogenous’ are used widely in economics— not just referring to money. What precisely do they mean? Provide other examples of their use.
5. What limits currently exist on the amount of credit that can be obtained by households? Is there any attempt by the monetary authorities to control the amount of credit available?
4. What is the significance of the word ‘ready’ in the term ‘ready money’?
3. For a short time, in the early years of the British settlement of Australia(the 1790s), rum was used as a currency. What advantages and disadvantages does rum have as a commodity money?
2. What comprises the wealth of: (a) households? (b) firms?
the Federal Reserve Board of the United States?24 MONETARY ECONOMICS money real values money (nominal) values the neutrality of money medium of exchange credit wealth liquidity exogenous money
the European Central Bank?
the Bank of England Monetary Policy Committee?
1. The text refers to the ‘regular’ interest rate announcements of central banks. How often and when are interest rate announcements made by:
4. Given any limitations on their ability to act, how should the monetary authorities respond to an increased demand for credit?
3. How does the system respond to an increased demand for credit at existing interest rates?
2. To what extent, if at all, can the monetary authorities directly control this supply?
1. What determines the supply of money in the economy and changes in that supply?
Which specific policies do you think are of greatest importance in promoting environmentally sustainable development? In which areas is the world making progress toward sustainability, and where are
How would you balance the goals of economic growth and environmental sustainability?To what extent are these goals necessarily in conflict?
Comment on the original definition of sustainable development: “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” Do
What should be done if the provisions of a Multilateral Environmental Agreement conflict with the principles of the WTO? Which should take precedence, and who should have the authority to decide?
Can harmonization of environmental standards solve the problem of environmental externalities in trade? How would the issues of harmonization differ in NAFTA, the EU, and the WTO? Would harmonization
What are the welfare implications of trade in toxic wastes? Should such trade be banned or can it serve a useful function? Who should have the power to regulate trade in toxic wastes: individual
Do you believe that access to safe drinking water is a fundamental human right? How should water be priced in developing countries, considering the potentially conflicting issues of affordability and
Human demands for water can lead to an insufficient supply for maintaining natural resources such as wetlands and fish habitat. How would you balance the allocation of water between human and
Suppose you were managing a public water utility facing a shortage due to drought conditions. What steps would you take in response to the drought?
XYZ Forest Products owns a 2,000-acre tract of forest land, of which 1,000 acres are currently planted in hardwood trees (oak, beech, etc.) and 1,000 in softwoods (pine). An acre of either kind of
How can consumer action affect forest conservation and forest loss? What are the most effective ways of changing consumption patterns of wood and wood products in ways that promote forest
How can the timber values of forests be balanced with their value in supporting biodiversity?What changes in property regimes and forest management policies could be used to help achieve the dual
Unlike ocean fisheries, forests can be privately owned, and in fact many millions of acres of forests are owned and managed by private corporations. In economic theory, private ownership should
Explain the interrelationship between the following concepts as they relate to fisheries:scarcity rent, maximum sustainable yield, economic efficiency, ecological sustainability.How should these
What are the advantages and disadvantage of the following policies for fisheries management: private ownership, government regulation through licensing, the use of individual transferable quotas? In
What is the basic reason for depletion of fisheries? Which factors have made this problem especially severe in the modern period? How can this issue be related to the difference between economic and
Some critics of minerals recycling programs have argued that they are uneconomic because they cost more than simply discarding unwanted metals in landfills. Which economic factors would you use to
How do you think mineral prices are likely to rise or fall in the future? Which factors do you think will determine future mineral prices?
Is scarcity of nonrenewable resources a major problem? What kinds of physical and economic measures are relevant to understanding this issue, and in what ways can some of the measures be misleading?
How can we define the concept of sustainable agriculture? Can high-input agriculture be sustainable? Is organic agriculture sustainable? In what respects is our current agricultural system not
Which environmental impacts of agriculture are most amenable to market solutions?Consider the on-farm and off-farm impacts of erosion, for example. What kinds of incentives are required to induce
What evidence would you use to evaluate the proposition that the world is reaching its maximum carrying capacity in terms of food supply? Some analysts believe that the world’s agricultural
The concept of carrying capacity is a useful one for the ecological analysis of animal and plant populations. Is it also useful for the analysis of human population growth? Why or why not?
“Every extra mouth brings with it an extra pair of hands. Therefore, we do not have to worry about growing population.” Relate this statement to the more formal economic analysis of labor force
What criteria would you use to evaluate the argument between the neo-Malthusians, who see population growth as the major problem facing humanity, and those who argue that population growth is a
What groups would be hurt most by the transition to a green economy? What groups would most benefit from the transition? Can you think of scenarios in which those who gain could compensate those who
What steps, if any, do you think should be taken to promote a green economy in your country or region? What steps do you think would be most effective? Can you propose policies that businesses may
What news stories have you heard recently that refer to the interaction between the environment and the economy? Was environmental protection presented as compatible with economic growth? What were
African Development Bank et al., 2003, p. 1.Brazil:Total Emissions Reduction Policy Options (million tons carbon) Cost ($ billion)A: Efficient machinery 50 20 B: Protection of Amazon forest 3
IPCC, 2007, p. 46; IPCC, 2014a, Summary for Policymakers, p. 16; Kahn, 2016.
Rosen and Guenther, 2014; Heal and Millner, 2014; Vale, 2016.
Stern, 2007.
Suppose that the annual consumption of an average American household is 1,000 gallons of gasoline and 200 Mcf (thousand cubic feet) of natural gas. Using the figures given in Table 13.2 on the
Suppose that under the terms of an international agreement, U.S. CO2 emissions are to be reduced by 200 million tons and those of Brazil by 50 million tons.Here are the policy options that the United
The process for formulating and implementing international agreements on climate change policy has been plagued with disagreements and deadlocks. What are the main reasons for the difficulty in

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