Which of the following statements is true about the demand for and/or the supply of natural resources?
a. The supply curve for natural resources is more elastic in the long run than in the short run.
b. The elasticity of demand for electricity, natural gas, and gasoline equals approximately 0.1 in both the short run and the long run.
c. Natural resources are demanded by consumers and producers in steadily growing amounts, so future shortages are inevitable.
d. The supply of many natural resources is finite; thus the long-run elasticity of supply must be zero.
A
You might also like to view...
Other things remaining the same, which of the following is likely to happen if an industry introduces a labor-complementary technology in production?
A) There will be a rise in both the wage rate and the employment levels in the industry. B) There will be a fall in both the wage rate and the employment levels in the industry. C) There will be a fall in the wage rate and a rise in the employment levels in the industry. D) There will be a rise in the wage rate and a fall in the employment levels in the industry.
Which of the following would you expect to increase the equilibrium interest rate?
A) an increase in the budget deficit B) a decrease in the profitability of investment projects firms are considering C) a change from an income tax to a consumption tax D) an increase in the percentage of income after net taxes that households save Figure 21-1
By the 1930s, when new technology advanced and craft distinctions blurred, the
a. AFL went out of business b. AFL welcomed nonskilled workers c. AFL restructured d. CIO was formed e. CIO was disbanded
When economies of scale are present, but are not sufficiently large to generate a natural monopoly, the expected market structure is:
A. monopoly. B. monopolistic competition. C. perfect competition. D. oligopoly.