12. Which of the following is INCORRECT regarding valuation?

(a) Non-use value only focuses on the values placed on preserving the resource for current generation, not considering future generation.

(b) Actual use value is the value placed on using the resource directly or indirectly only when the use consumes the resource.

(c) Travel cost method can be applied based on individual-level data as well as geographically aggregated data.

(d) When valuing an environmental attribute, contingent valuation methods can be used together with revealed preference methods.

Answer: ______________

13. Which of the following is INCORRECT regarding revealed preference methods?

(a) Asset valuation method utilizes the information about government projects' impacts on the market value of goods where the impacts are capitalized into the goods.

(b) Defensive expenditures method tends to rely on the information about market value of the defensive measures.

(c) Travel cost method can be applied based on individual-level data as well as geographically aggregated data.

(d) Hedonic pricing methods can be applied even when there is no price variation in dependent variables

Answer: ______________