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1 Definitions (6 points total) Define 3 out of the following 4 concepts using a maximum of 2 sentences (2 points each): 1. Willingness to

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1 Definitions (6 points total) Define 3 out of the following 4 concepts using a maximum of 2 sentences (2 points each): 1. Willingness to pay (in the context of evaluating the impacts of projects or policies): 2. Nominal discount rate: 3. Pareto Efficiency: 4. Secondary markets (in the context of valuing the impacts of a project or policy)

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