REM 321 Midterm exam 2024/2025 with 100% correct answers
2 views 0 purchase
Course
REM 321 Midt
Institution
REM 321 Midt
Depict the circular flow of the economy. correct answersHouseholds: receive income, give labour.
Firms: receive payment, give goods/services.
Neoclassical economics correct answersFocuses on supply and demand and the transactions that occur between buyers and sellers. Descriptive, non-normative...
Depict the circular flow of the economy. correct answersHouseholds: receive income, give labour.
Firms: receive payment, give goods/services.
Neoclassical economics correct answersFocuses on supply and demand and the transactions that occur
between buyers and sellers. Descriptive, non-normative and weak sustainability.
Welfare economics correct answersNormative extension of neoclassical economics. Concerned with
well-being and distribution (equity).
Ecological economics correct answersA strong sustainability approach that imposes limits to growth,
accounts for human behaviour, and prioritizes equity and interdisciplinarity in decision-making.
Environmental economics correct answersConcerned with the financial implications of environmental
policies and amenities/wastes.
Resource economics correct answersConcerned with the supply, demand, and allocation of the Earth's
resources.
Explain the different forms of human-based capital, and how these differ from natural capital. correct
answersHuman-based capital includes: physical capital, intellectual capital and human capital.
Weak Sustainability correct answersWhere natural and human-based capital are perfect substitutes.
Brundtland, Solow.
Strong Sustainability correct answersNatural and human-based capital are complements to each, and
cannot replace one another. Both are required distinctly. UNESCO, Daly.
The First Law of Thermodynamics correct answersEnergy and matter are neither created nor destroyed;
energy can be converted from one form to another.
, The Second Law of Thermodynamics correct answersEnergy is lost to heat; or, from an available to
unavailable state; entropy.
The Growth Paradigm correct answersEconomic growth is infinite, good, and essential for the remedy of
many social issues.
List threats to sustainability correct answersResource depletion, waste impacts and accumulation, loss of
ecosystem resilience and biodiversity.
How are pollutants classified? Explain. correct answersAbsorptive capacity: cumulative (stock) or non-
cumulative (flow).
- Pure flow pollutants have high absorptive capacity; while the pollutant is being emitted it is a problem,
but once emission stops the pollutant is gone (i.e. noise pollution, light pollution, etc.).
- Pure stock pollutants have no absorptive capacity; emissions linger forever (i.e. radioactive waste).
Spatial scale of impacts: local or global.
Origin: point source or non-point source.
Occurrence: continual or episodic.
Rockstrom et al. says we have exceeded the "safe operating space" for which 3 earth systems? correct
answersClimate change, biodiversity loss, and the nitrogen cycle.
Environmental Kuznets Curve (EKC) correct answersAn empirical observation that at higher levels of per-
capita income, environmental quality also improves (after a turning point).
Looks like an inverted U-shape - environmental degradation vs per-capita income.
After industrialization, society can afford more efficient technology and environmental values develop
once basic needs are met (through industrialization).
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QUILLSKY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
