Resource Economics Concepts

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Questions and Answers

Which of the following best illustrates the concept of 'stock' in resource economics?

The annual consumption of petroleum by a country.
Petroleum being extracted from an oil well.
The total amount of crude oil present in proven reserves. (correct)
A newly discovered oil reserve.

A country heavily relies on coal for its energy needs. If the rate of coal consumption significantly exceeds the rate at which new coal deposits are discovered, what long-term challenge is the country likely to face?

Transition to renewable energy sources.
Stabilization of coal prices due to consistent supply.
Increased dependence on imported energy resources. (correct)
Surplus of energy leading to economic prosperity.

A solar panel manufacturing company requires silicon, a raw material extracted from the earth. If the company implements a comprehensive recycling program to recover silicon from old solar panels, which of the following strategies is the company adopting?

Conserving resources. (correct)
Depleting resources.
Using non renewable resources.
Creating potential resources.

What is the key difference between renewable and non-renewable resources in terms of their availability?

Renewable resources can be replenished naturally over a period of time, while non-renewable resources cannot be easily replenished. (C) Signup and view all the answers

A community decides to implement rainwater harvesting in response to water scarcity. How does this initiative primarily contribute to resource management?

By reducing the demand on existing water resources. (A) Signup and view all the answers

What distinguishes potential resources from developed resources?

Potential resources have unknown quantity and quality and developed resources have been surveyed for quantity and quality. (A) Signup and view all the answers

Which of the following scenarios represents the sustainable use of resources?

Using hybrid cars to reduce pollution and conserve fuel. (D) Signup and view all the answers

What is the role of technology in the context of resource availability and development?

Technology can make inaccessible resources accessible and more efficient to use. (D) Signup and view all the answers

Why is the equitable distribution of resources important for global sustainability?

Because it reduces conflict and promotes cooperation, leading to long-term resource management. (C) Signup and view all the answers

A region has abundant iron ore deposits but lacks the technology to extract and process it efficiently. How would this region's iron ore be classified?

Potential Resources. (B) Signup and view all the answers

Flashcards

Renewable Resources

Resources extracted from nature that are renewable and can be used without significant depletion. Examples include solar, wind, and water.

Non-Renewable Resources

Resources extracted from nature that are available in limited quantities and cannot be easily replenished. Examples include minerals and fossil fuels.

Ubiquitous Resources

Resources found everywhere and available to all, like air and sunlight.

Localized Resources

Resources found only in certain places due to specific geographical or climatic conditions, such as minerals.