Energy of Economics Midterm IMPORTANT

Mid-term Exam

 

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Energy of Economics Midterm IMPORTANT
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This is an “open book, open note” exam using class materials only and not the Internet. Limit yourself to 90 minutes on this exam. Be sure to illustrate your answers with graphs when appropriate. Write legibly or type.

  • Professor William Nordhaus proposes a “Climate Club” to get the nations of the earth to work together in order to reduce CO2 emissions. What are the elements of his proposal? Why is his proposal superior, at least in concept, than the Kyoto Protocol or the Paris Accord? What evidence does he cite? (20 points)
  • What is Hotelling’s keen insight with respect to the producer’s decision to produce crude oil now versus a later date? Explain it please. (20 points)
  • With a global crude oil supply interruption, what would be the consequences to the US domestic economy? Please describe why this is problem on the microeconomic and macroeconomic levels. (20 points)
  • What is the Coase Theorem? Define and describe. Please give a real world example of the Coase Theorem at work in our energy economics studies.
  • Look at these two charts. What can you expect to happen to the price of oil in 2022-23? Why? Explain your answer. (20 points)

Baker Hughes Rig Count

With an added note—Peak rig count was in September 2014

US:1,930

Total Int’l: 1,308 (of which, the Middle East was 390)

Canada: 424

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