Which one of the following techniques is an example of the replacement cost method of economic valuation?
a. Contingent valuation
b. Hedonic pricing
c. Travel cost method
d. Habitat equivalency analysis
e. Cost-effectiveness valuation
Ans: d. Habitat equivalency analysis
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Institutions are
A) the same thing as organizations. B) associations of individuals or groups. C) always embodied in a written set of rules. D) a set of rules governing behavior, whether written or not. E) only relevant on international issues.
A pure public good is one that is
a. rival and excludable b. rival and nonexcludable c. nonrival but excludable d. nonrival and nonexcludable e. provided by a government agency
If an economy is operating at a point inside the production possibilities curve,
What will be an ideal response?
What is the effect of profits in a monopoly?
a. Society is faced with a deadweight loss equal to the profit. b. Consumer losses are offset by producer gains. c. Producer losses are offset by consumer gains. d. Society gains at the monopolist’s expense.