Conservation Economics: Week 1 Quiz
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Questions and Answers

What does the Greek root 'nemein' in the word 'economics' stand for?

  • to house
  • to manage
  • together (correct)
  • to keep

    • What is the relationship depicted by the Phillips curve?

  • Profit and loss
  • Electricity consumption and heat output
  • Inflation rate and unemployment rate (correct)
  • Marked price and selling price

    • What is the term for the ability of an individual to own and exercise control over scarce resources?

  • Resource rights
  • Individual rights
  • Property rights (correct)
  • Social rights

    • What is the definition of a incentive?

    <p>Something that induces a person to act</p> Signup and view all the answers

    What is the cost of giving up the next best alternative when making a choice?

    <p>Opportunity costs</p> Signup and view all the answers

    What is the ability of a single economic actor to influence market prices?

    <p>Market power</p> Signup and view all the answers

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