Which of the following can be a renewable resource?
a. oil
b. timber
c. coal
d. iron ore
e. uranium
B
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If the government sector is running a deficit of $120 million and the private sector is running a surplus of $200 million, then net exports equal
A) $80 million surplus. B) $320 million surplus. C) $80 million deficit. D) $320 million deficit.
Which of the following is true with regard to economic growth? a. Small differences in economic growth rates make small differences in Real GDP over time
b. Once a country is richer than other countries, it will remain richer regardless of differences in economic growth rates. c. Economic growth rates tell us nothing about the distribution of output and income in a country. d. All of the above are true.
If the demand curve facing a firm had a price elasticity of demand equal to infinity and the firm raised its price, its total revenue would:
A. decrease slightly. B. fall to zero. C. not change. D. increase.
Economic profits are
A) the same as accounting profits when firms do not own capital equipment. B) always greater than accounting profits. C) equal to accounting profits plus the implicit costs of the firm. D) whatever remains after all opportunity costs have been taken into account.