Valuing environmental services based on estimating the value of different characteristics of market goods is called
a. Travel cost method
b. Contingent valuation
c. Hedonic pricing
d. Production function valuation
e. Avoided cost valuation
Ans: c. Hedonic pricing
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Refer to Exhibit 7-5. During year 3, Country Z experienced economic _____________ and _________________.
A) decline; deflation (falling price level) B) growth; inflation (rising price level) C) growth; deflation (falling price level) D) decline; inflation (rising price level)
Consumer surplus is equal to the area
A) under the demand curve and above the supply curve. B) above the supply curve and below the price line. C) under the demand curve. D) under the supply curve. E) under the demand curve and above the price line.
Refer to the above figure. Which panel demonstrates the law of supply?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public transportation becomes cheaper and more comfortable, and auto-workers negotiate higher wages?
a. Price will fall, and the effect on quantity is ambiguous. b. Price will rise, and the effect on quantity is ambiguous. c. Quantity will fall, and the effect on price is ambiguous. d. Quantity will rise, and the effect on price is ambiguous.