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This document is a midterm exam for the Environmental and Resource Economics course, assessing students' understanding of concepts related to environmental regulations, economic analysis, externalities,

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What is environmental and resource economics?

Environmental and resource economics is a subfield of economics that focuses on the relationship between the environment, natural resources, and economic systems. It aims to analyze the use and allocation of resources to promote sustainable development and manage environmental issues.

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The purpose of environmental and resource economics is to provide insights and tools for decision-makers to make informed choices regarding resource allocation, environmental regulation, and sustainable development. It aims to balance economic efficiency with environmental conservation and social well-being.

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