Proved reserves of natural gas and oil
a. will last only another five years at the current worldwide consumption rate.
b. reveal little about whether the world is about to run out of these resources since they are calculated at present levels of price and technology.
c. are just another way of measuring how many years civilization will continue.
d. indicate that the supply of petroleum will be depleted by the year 2020 unless governments adopt price controls and energy rationing.
B
You might also like to view...
On a diagram of a production possibilities frontier, opportunity cost is represented by the slope of the production possibilities frontier
Indicate whether the statement is true or false
On the 45-degree line diagram, the 45-degree line shows points where
A) real aggregate expenditure equals real GDP. B) real aggregate expenditure equals C + I. C) real income equals real GDP. D) real aggregate output equals the quantity produced.
Money ________ transaction costs, allowing people to specialize in what they do best
A) reduces B) increases C) enhances D) eliminates
When the inflation rate is expected to increase, the ________ for bonds falls, while the ________ curve shifts to the right, everything else held constant
A) demand; demand B) demand; supply C) supply; demand D) supply; supply