Data on world reserves of minerals, gathered by Blackman and Baumol, show that between 1950 and 2000 . production of most minerals
a. greatly exceeded the reserves available in 1950.
b. declined as depletion occurred.
c. greatly reduced the reserves available in 2000.
d. was limited to a fraction of the reserves available in 1950.
A
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West Coast Gas, Inc, is a natural gas supplier. The firm faces the demand schedule shown in the table above and cannot price discriminate
The company's fixed cost is $1,000 per month and its marginal cost is constant at $10 per thousand of cubic feet. The government imposes a marginal cost pricing rule on the company. a) What is the price of natural gas supplied by West Coast Gas? How many cubic feet does the company sell? What is the firm's economic profit per month? b) How does the regulation affect total surplus? c) Is the regulation in the social interest? Explain.
Which of the following was not a major factor in explaining the decline of death rates in the U.S. in the late 19th and early 20th century?
a. urbanization b. improvements in sanitation c. improvements in medical treatments d. Both a and c are correct.
Symmetry of net substitution effects is one of the principal conclusions of the theory of utility maximization. Which two mathematical theorems are used to prove this symmetry?
a. Taylor's Theorem and Fundamental Theorem of Calculus b. Cauchy's Theorem and DeMoivre's Theorem c. Lagrangian Theorem and Fundamental Theorem of Calculus d. Envelope Theorem and Young's Theorem
A stockholder's investment is usually riskier than a bondholder's
a. True b. False Indicate whether the statement is true or false