1.Understand the production possibilities curve model. What does it represent? What sorts of economic problems does it highlight? Use it to answer basic questions.

2.Understand the supply and demand model. Use it to explain changes in markets.

3.Fullerton and Stavins: Name the 4 myths about economists' view of the environment. Why are they myths? What do economists actually believe?

Modules2 and 3 (August 24-Sept 6):

1.What is an externality? Give examples of negative externalities? Are markets efficient in the presence of an externality (without regulations to correct them)? Explain using supply and demand.

2.In what way is the way water rights are allocated in the western United States represent an externality problem (Coman article)?

3.What is the Coase Theorem? What are Coasian solutions to externality problems? What is the main thesis of the article "The Problem of Social Cost"?

4.In what way are pollution issues and "the population problem" examples of the "tragedy of the commons" according to Hardin?

5.What does Randall think of the concept of Market Failure? How does he think of Public Goods? Explain his critique.

Modules 4 and 5 (Sept 7-Sept20):

1.What are the pros and cons of curbside recycling programs in the US? Is recycling, in general, efficient?

2.Should unit-based pricing programs for waste management be expanded in the US? Why and why not?

3.What is meant by sustainability in economics? Explain the concepts of weak and strong sustainability.

4.What is dynamic efficiency? How is it used to make decisions over several time periods? Explain the role of net present value, real interest rates and discounting.

Modules 6 and 7 (Sept 21-Oct 4)

1.What is Environmental Justice? What is the regulatory framework for environmental justice in the US?

2.According to Wolverton's findings, do firms tend to disproportionately locate plants in areas with higher minority concentration? Higher poverty? Lower incomes? Explain how Wolverton's results relate to the results from earlier studies that she cites.

3.What is the "rent-bid model"? How does it relate to our understanding of the location of toxic waste facilities?

4.What are the main problems with the Kyoto protocol according to McKibbin and Wilcoxen? What do they suggest as an alternative? Compare McKibbin and Wilcoxen's policy proposal to that from Nordhaus. What are the main features of climate change as an environmental issue that makes it so difficult to develop policy solutions to? Discuss the role of focal public goods and global public goods in your answer.

5.What is contingent valuation and how is it used in environmental economics? What are the main arguments for using contingent valuation to value environmental resources? What are the main arguments against using CV? Should we use CV to make policy? If so, how?