Proved reserves of petroleum are
a. the verified quantity of petroleum that can be recovered at current prices and levels of technology.
b. the only reserves likely to be available in the future.
c. refined products awaiting shipment to the market.
d. the total amount of the resource in existence, regardless of the productive effort undertaken to expand the future availability of the resource.
A
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A change in government spending can close an expansionary gap by shifting the short-run aggregate supply curve
a. True b. False Indicate whether the statement is true or false
Which of the following assumptions were made by the Cournot model of oligopoly?
a. Each seller psychoanalyzes the competition and decides how to react in all possible situations. b. Each seller psychoanalyzes the competition and exactly predicts the output decisions of the competitors. c. Each seller chooses its own output and believes the others in the market will respond to its choices. d. Each seller chooses its own output and believes the others in the market will not respond to its choices.
The Coase theorem states that when permits are non-tradable, the outcome will be optimal, regardless of who initially gets the permits
a. True b. False Indicate whether the statement is true or false
When a business is owned and operated by a single individual who receives all of the profits and is responsible for all debts, it is known as a
A) partnership. B) conglomerate. C) corporation. D) proprietorship.