Question

Match the best description to the term: 1. is the view that a more complete system of property rights and expanded use of market mechanisms is the best approach to solving issues of resource use and pollution control. a resource that is available to 2. everyone (nonexcludable), but use of the resource may diminish the quantity or quality available to others (rival). common property resource a good/service that is available to open-acces resources 3. all users, under conditions in which it is impossible, or at least difficult, to exclude potential rival good/service users. a good/service whose use by one nonexcludable 4. person diminishes the quantity or quality of the good available to others. good/service Free market 5. resources that offer unrestricted and unregulated access such as an ocean fishery or the atmosphere. environmentalism diminishing returns total product the total quantity of a good or 6. service produced with a given quantity of inputs. absolutely diminishing the process of scaling a returns 7. proportional increase (or decrease) in one or more inputs so that the resulting change in output (increase or decrease) has the same proportional response. constant returns a proportional increase or 8. decrease in one or more inputs results in a smaller proportional increase or decrease in output. an increase in one or more inputs 9. always results in a decrease in output.

Answer 1

1. Free Market Environmentalism

2. Common Property Resource

3. Non-excludable goods/Service

4. Rival Goods and Services

5. Open Acess Resources

6. Total Product

7. Constant Returns

8. Diminishing Returns

9. Absolutely Diminishing Returns