Sometimes a unitization contract between two oil field owners will require them to turn operations over to a third party because each owner has an incentive to secretly increase output
Indicate whether the statement is true or false
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The implied growth rate for a country between 1960 and 2010 is 6%. This implies that:
A) the country needed to grow at an average rate of 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting with the 1960 level. B) the country needed to grow by at least 6% in any of the fifty years between 1960 to 2010 to reach the level of GDP in 2010 starting with the 1960 level. C) the growth rate of GDP in the country was above 6% between 1960 to 1990 and above 6% between 1991 and 2010. D) the country needed to grow at rates above 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting from the 1960 level.
A change in the price level produces a ________ the aggregate demand curve. i. shift in ii. change in the slope of iii. movement along
A) i only B) ii only C) iii only D) i and iii E) i and ii
In a small open economy, the real interest rate will always be
A) above the world real interest rate. B) below the world real interest rate. C) equal to the world real interest rate. D) independent of the world real interest rate.
Patents represent
A) the protection given to new products by the law. B) how R&D spending translates into new ideas. C) the extent to which firms benefit from the results of their own R&D spending. D) the rate of technological progress.