A “backstop resource” is a close substitute for a depletable resource that is available in almost unlimited supply but at a higher cost. Shale oil is a backstop resource for crude oil. Which of the following statements is correct?
A. The production of shale oil is likely to increase over time even if crude oil is still available.
B. Shale oil is unlikely to be produced until all the crude oil has been depleted.
C. The existence of shale oil as a backstop resource will discourage firms from seeking new reserves of crude oil.
D. In the future, shale oil is likely to be produced at the same time as crude oil and to sell for a lower price.
Answer: A
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In 2013, Ozzie purchased a 2010 Ford Escort from his neighbor for his son, purchased a 2009 "one owner" Camry from Larchmont Toyota for his wife, bought a 2013 new Ford for himself, and sold his 2002 Dodge Caravan to his teenage nephew
Which, if any, of these transactions will be included in GDP in 2013? A) all four transactions B) all three purchases but not the sale C) the purchase of the Ford and the Caravan D) only the purchase of the Ford
The combined effect of a real wage increase is that
A) the income effect always dominates, leading to fewer hours worked at a higher wage. B) the substitution effect always dominates, leading to more hours worked at a higher wage. C) if the substitution effect outweighs the income effect, the labor supply curve slopes downward, but if the income effect outweighs the substitution effect, the labor supply curve slopes upward. D) if the substitution effect outweighs the income effect, the labor supply curve slopes upward, but if the income effect outweighs the substitution effect, the labor supply curve slopes downward.
Suppose that the price level is 5, money supply is 10 trillion dollars, velocity of money is 4. What is the value of real GDP?
A. $2 trillion B. 8 trillion C. 6 Trillion D. 10.25 trillion E. None
The job analysis method that uses information input, work output, job context, and relationships with other persons is _____.
A. task inventories B. PAQ C. essential elements D. Job Tasks and Elements Inventory