Love Canal Crisis

An emission is __________.

pollution in the air.

The global GDP is valued at __________ for the services nature provides.

$105 trillion.

Types of services nature provides include __________, recreation, air, lumber, and water filtration.

food.

The use of Experimental Economics to determine an individual's value of environmental quality accounts for __________.

hypothetical bias.

One option for non-use value is that people want the availability to use something in the future they __________.

don't currently use.

Bequest value refers to saving environmental resources for __________.

future generations.

Existence value means people gain pleasure just knowing it __________.

exists.

Environmental goods are not typically __________.

marketed.

When no markets exist for goods like clean air, economists use __________ valuation methods.

nonmarket.

Use value refers to non-marketed goods that consumers take action to benefit from, such as choosing to live in an area with good __________.

air quality.

Revealed preferences can be inferred from a person's actions, whereas stated preference methods are based on a __________ not an action.

statement.

The four parts of the Contingent Valuation Method (CVM) include setting up a __________ and describing the good being valued.

scenario.

Conjoint Analysis looks at a __________ or ranking system.

rating.

The optimal level of pollution is not always __________.

zero.

The optimum level of pollution is where the Marginal Damage Function (MDF) equals __________.

Marginal Abatement Cost (MAC).

Command and Control (CAC) regulations can include input standards, which set limits or __________ on material use.

restrictions.