If there are approximately 6,000 barrels of known reserves of oil, an estimated 10,000 barrels of unknown reserves of oil,
and it is estimated that the supply of oil will be depleted in 40 years, what is the annual consumption of barrels of oil, all else equal?
A) 150
B) 250
C) 400
D) 1,600
C
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Which of the following is one reason for the decline in aggregate demand that led to the recession of 2007-2009?
A) falling oil prices B) increases in housing prices C) a decline in government spending D) the financial crisis
Which of the following would most likely increase the demand for peanut butter?
What will be an ideal response?
Which is true for a purely competitive firm in short-run equilibrium?
A. The firm is making only normal profits. B. The firm's marginal cost is greater than its marginal revenue. C. A decrease in output would lead to a rise in profits. D. The firm's marginal revenue is equal to its marginal cost.
Figure 9.2 shows the cost structure of a firm in a perfectly competitive market. If the market price is $10 and the firm chooses the profit maximizing output level, its profit is:
A. $1,000. B. $800. C. $720. D. $200.