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Ses215:Economics Of Natural Resources Question Paper

Ses215:Economics Of Natural Resources 

Course:Bachelor Of Science In Environmental Science

Institution: Moi University question papers

Exam Year:2011



Answer all questions
1.a)Explain briefly the various conditions that must be fulfilled for markets to produce efficient resource allocations.(16marks)
b)State why market failure normally occurs among environmental goods (4marks)
2.a)Differentiate between ''Absolute Scarcity'' and ''Relative scarcity''(5marks)
b)Explain why ''Relative scarcity'' is the appropriate definition of scarcity in resource and environmental economics.(7marks)
c)State the major challenges of using real price indicator in the market systems as a measure of scarcity (8marks)
3.i)Briefly state and explain the following terms:
a)Inward investment (3marks)
b)Property right (3marks)
c)Public goods (3marks)
d)Optimality (3marks)
ii)Explain the importance of understanding essentialness of resources in production decision-making process.(8marks)




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