Over the long term, the ultimate determinant of the price of a depletable resource is the
A) extraction cost.
B) user cost.
C) demand.
D) availability of substitutes.
E) cost of finding new reserves.
B
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Suppose y = Ak1/4, the capital-labor ratio is $40,000 per worker, the level of total factor productivity is 800, 70% of the population works, and there are 70 million workers. Real GDP per worker is
A) $5,000.00. B) $7919.60. C) $11,313.71. D) $14,142.14.
The steeper the short-run aggregate supply curve over the relevant range, the more contractionary monetary policy will reduce prices and the less it will decrease real output
a. True b. False Indicate whether the statement is true or false
Universal service may require making a service available in small communities where the limited scale of operations may make costs extremely high.
Answer the following statement true (T) or false (F)
Answer the following questions true (T) or false (F)
1. Scarcity refers to a situation in which unlimited wants exceed the limited resources available to fulfill those wants. 2. Scarcity is a problem that will eventually disappear as technology advances. 3. An economic model is a simplified version of reality used to analyze real-world economic situations.