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Eco 314 – Midterm
发布时间:2022-11-14
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Eco 314 – Midterm
Monday October 21 2019
Calculator Permitted
PART I: MULTIPLE CHOICE QUESTIONS (25 QUESTIONS WORTH 2 MARKS EACH)
Record the best answer on the bubble sheet.
1. Which one of these was not a Chinese invention?
A. Compass
B. Gunpowder
C. Lateen sail
D. Triangular plough
E. Coke
2. Which of the following is incorrect?
A. Bitumen was used in mummification process in Ancient Egypt.
B. Petroleum was used for medicinal purposes in Ancient Persia.
C. Petroleum was used as an adhesive in in Ancient Sumer.
D. Kerosene was used as a fuel in the Middle Ages.
E. Trade in oil in the near East was described as early as the 13th century.
3. Which of the following is correct?
A. The meltdown at Fukushima occurred because of improper maintenance.
B. Graphite is part of the design of Soviet‐style reactors like Chernobyl.
C. The accident at Bern nuclear station is why Switzerland does not have nuclear electricity.
D. The Three‐ Mile‐ Island accident led to direct loss of life.
E. Atomic reactors are powered by a process called fusion.
4. The third most common gas in the atmosphere is:
A. Oxygen
B. Argon
C. Nitrogen
D. Hydrogen
E. Carbon dioxide
5. Carbon taxes are based on ideas attributed to:
A. Coase
B. Pigou
C. Hotelling
D. Nordhaus
E. Pacala and Socolow
6. Which of these energy sources does not come from the sun:
A. Bitumen
B. Wind power
C. Methane
D. Geothermal
E. Peat
7. The demand for elasticity is extremely price‐ inelastic in the short run, but more elastic in the long run. All else equal, this implies that over time, a tax on electricity will:
A. increasingly be passed onto consumers
B. increasingly be passed onto sellers
C. have a shrinking efficiency loss
D. generate increasing tax revenues
E. over time increase the consumption of gasoline
8. Which of the following technologies is not easily scalable?
A. Solar generation
B. Off‐shore oil drilling
C. Wind generation
D. Battery storage
E. Fracking
9. Which of the following is NOT an environmental concern associated with fracking?
A. Vast quantities of water are used.
B. Fugitive ethane
C. Fracking potentially causes earthquakes and tremors
D. Water that contains contaminants is disposed of by injecting it deep into the earth’s surface.
E. Possible contamination of ground water.
10. Which of the following did the Iranians likely invent in 600 CE?
A. Gunpowder
B. Bricks for permanent shelters.
C. The wheel.
D. Traditional rectangular sails.
E. Windmills.
11. The first modern oil well was dug in:
A. Azerbaijan
B. Poland
C. USA
D. Saudi Arabia
E. Iran
12. Why was the Dutch East India Company successful?
A. collaboration with Indian aristocracy, unlike the British East India Company
B. use of peat, a precursor to coal
C. efficient sailing into the wind using a triangular sail
D. use of coal, unlike the British East India company that relied on peat
E. none of the above
13. The Coase Theorem says that:
A. prices of scarce resources will increase exponentially
B. as a resource is depleted, one would expect its price to rise
C. bargaining will lead to efficient outcomes, regardless of how rights are allocated
D. too little of a public good will be provided
E. none of the above
14. A binding price ceiling will:
A. Reduce the price of the good
B. Result in excess demand and a shortage
C. Cause the quantity transacted to be below the original equilibrium
D. Cause consumers to gain a portion of the lost producer surplus
E. All of the above
15. What is the Herfindahl‐ Hirschman Index (HHI)?
A. A measure of market size, given by the sum of squared market shares of the 50 largest firms in an industry.
B. A measure of market size, given by the population of the 50 largest towns the firm operates in.
C. A measure of market competitiveness, given by the sum of squared market shares of the 50 largest firms in an industry.
D. A measure of firm size, given by the market share of an individual firm in an industry.
E. None of the above.
16. Which of the following is true of stabilization wedges?
A. Nuclear power is not a stabilization wedge category.
B. The strategy has to be novel, i.e. not commercialized anywhere prior.
C. A wedge is a strategy to reduce carbon emissions that grows in 50 years to 1 Gtc/year.
D. There are 15 wedge strategies in 6 categories
E. None of the above
17. The Energy Policy Trilemma refers to:
A. Subsidiarity, Separation, Security
B. Subsidiarity, Separation, Economics
C. Security, Environment, Economics
D. Subsidiarity, Security, Environment
E. None of the above
18. The principle of subsidiarity relates to:
A. separation of the executive, legislative and judicial branches of the government
B. separation of church and state
C. individuals undertaking responsibilities only if the government cannot fulfill them
D. tasks performed at the lowest level at which they can be competently undertaken
E. none of the above.
Please refer to the Energy and Carbon Charts below for questions 19‐25
19. Consider the Energy Flow Chart. The proportion of natural gas that is used for electricity generation is closest to:
A. 15%
B. 25%
C. 35%
D. 55%
E. 50%
20. Consider the Energy Flow Chart. The proportion of total energy used by the residential sector that is lost is closest to:
A. 20%
B. 25%
C. 30%
D. 35%
E. 40%
21. Consider the Energy Flow Chart. The proportion of Primary Energy that comes from coal is closest to:
A. 1%
B. 2%
C. 5%
D. 10%
E. 20%
22. Consider the Energy Flow Chart. The proportion of petroleum energy devoted to transportation that is converted into useful mechanical energy is closest to:
A. 25%
B. 30%
C. 35%
D. 40%
E. 45%
23. Consider the Carbon Flow Chart. If all hydrocarbons directly used by the industrial and commercial sectors was replaced with renewable energy sources then the decline in total CO2 emissions would be closest to:
A. 5%
B. 15%
C. 25%
D. 35%
E. 45%
24. Consider the Carbon Flow Chart. Suppose natural gas in the gene ration of electricity was replaced by coal. Then total carbon CO2 emissions would increase by approximately:
A. 5%
B. 10%
C. 15%
D. 20%
E. 25%
25. Consider the Carbon Flow Chart. If hydrocarbons were eliminated in the generation of electricity and replaced with some form of renewable energy, then total carbon CO2 emissions would fall by approximately:
A. 5%
B. 10%
C. 15%
D. 20%
E. 250%
PART II: WRITTEN ANSWER QUESTIONS (10 marks each)
26. State and prove Hotelling’s Rule. Discuss the success of this rule in predicting the path of oil prices since the 1970s.
27. Explain the process of pyrolysis. Describe three energy‐ related examples in which this process is used.
28. What is the approximate efficiency of the following: high‐efficiency natural gas furnace, an incandescent lightbulb, a compact fluorescent lightbulb, a gasoline powered car engine, a coal‐fired electricity generating station.
Using the Second Law of Thermodynamics, explain why a high‐efficiency gas furnace is much more efficient than a car engine.
29. What percentage of a ton of carbon dioxide consists of carbon? Provide a supporting calculation using the information that the atomic weight of carbon is 12 and the atomic weight of oxygen is 16.
30. What are biofuels? Discuss the advantages and disadvantages of biofuels as a decarbonization strategy.