Natural resources and environmental economics UE Past Papers Questions.

According to the definition given in the 1987 report of the World Commission on Environment and Development (WCED), sustainable development is development that meets the needs of the future generation without compromising the ability of present generation to meet their own needs.

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The Boserupian perspective about the role of population growth maintains that with increasing population densities, corresponding shifts to greater agricultural production and more extensiveuse of land takes place autonomously through the development of market forces.

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1. What is environmental economics?
2. Studying environmental economics is said to be aimed at understanding and striking the balance between environment, economy and other social targets. Specifically what we  really want to understand and the kind of balance is referred?
3. Environmental economics is said to be a born child of market failure to allocate natural resources. This assertion is said to be derived from the nature of natural resources. Basing on our discussion mention and explain the features of natural resources that make the market fail to allocate them .

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1. Welfare economics is concerned with the relations between the economic system and the well being of individuals in the society. Basically it is concerned of two important aspects mention these aspects.
2. Pareto optimal is an important concept used in efficient resource allocation/ distribution. What does this concept mean?
3. Using an example of Bill and Alf with two different resource endowments Xa for Alf and Xb for Bill, show and explain where they will continue exchanging and at what point they will reach optimal allocation between the two?

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1. What is a property right?
2. What are the characteristics of an adequate property right?
3. Mention and expalin four property regimes

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UNSOLVED