REM 321 Midterm exam 2024/2025 with 100% correct answers
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REM 321 Midt
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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).
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