An auction of the leases to drill for natural gas on about 55,000 acres on the Roan Plateau in western Colorado in August 2008 generated nearly $114 million, a record for onshore energy lease sales in the lower 48 states
Is natural gas a renewable or non-renewable resource? Why? A) Renewable, because the resource can be recycled
B) Non-renewable, because the used resource cannot be reused
C) Non-renewable, because the value of marginal product for natural gas is diminishing
D) Renewable, because oil, natural gas, and coal are traded in global community markets
B
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Economists typically agree that the special protection given to owners of patents tends to
A) reduce economic growth. B) reduce productivity. C) reduce expenditures on research and development. D) increase expenditures on research and development.
The most frequently reported price index is ________
A) the consumer price index (CPI) B) the gross domestic product (GDP) deflator C) the personal consumption expenditure (PCE) deflator D) chain weighted GDP E) the interest income deflator
Which of these statements about economic models is correct?
a. For economists, economic models provide insights about the world. b. Economic models are built with assumptions. c. Economic models are often composed of equations and diagrams. d. All of the above are correct.
To protect themselves from the effects of inflation, lenders try to estimate the expected rate of inflation.
Answer the following statement true (T) or false (F)