In the petroleum industry, proved reserves are
a. evidence that uncertainty is not a problem in the industry.
b. inevitably growing smaller over time.
c. the same thing as the current supply of petroleum.
d. resources recoverable at current prices and technology.
D
You might also like to view...
If a firm is producing an output rate at which marginal cost is greater than price, the firm
A. should reduce its output level. B. is sustaining economic loss. C. will not be covering its fixed cost. D. should increase its output level.
An increase in the price of oil will
A) shift the supply curve of oil to the left. B) shift the supply curve of oil to the right. C) leave the supply curve of oil unchanged. D) Not enough information to answer the question.
The excludability versus nonexcludability issue is
A. relevant to the issue of market failure. B. not relevant to the issue of market failure. C. relevant to the free-rider problem. D. a and c E. b and c
Which of the following is true?
a. Positive economics deals with how people react to changes in benefits, and normative economics deals with how people react to changes in costs. b. Positive economic statements are testable, but normative statements are not. c. Positive economic statements involve value judgments while normative economics focuses on whether a policy will achieve its intended objectives. d. Positive economic statements focus on policy issues while normative economics focuses on economic theory.