Assuming the lake has no non-use value, what is the total annual economic value of lake S (assuming no fees are being charged)? Hint: Draw the three individual demand curves, find the total WTP (when fee=0), multiply those by the population, and add them up to get the full benefit. See the in-class travel cost example spreadsheet.

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.