Which of the following statements is true with respect to nonrenewable natural resources?
a. With proper management, more natural resources can be created.
b. The economy will never run out of the resource since it can always find new supplies as the price rises.
c. Economists can predict with reasonable accuracy when the supply will be depleted.
d. Before the last unit is taken from the earth, the economy is likely to already have abandoned it and switched to another.
e. Water is an example of a nonrenewable natural resource.
D
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The above figures show the market for hamburger meat. Which figure shows the effect of a newly invented machine which grinds beef at twice the speed previously possible?
A) Figure A B) Figure B C) Figure C D) Figure D
Refer to Figure 13.1. All else equal, an increase in transfer payments would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point B to point C. D) point C to point B.
The _________ bowed inward the Lorenz curve is, the __________ inequality exists.
A. less; more B. more; less C. more; more D. None of these is true.
When does it make sense to run a trade deficit?
a. It never makes sense because a trade deficit is the same as borrowing, which hurts the economy. b. It makes sense when the financial inflow is used to pay for projects with short-run pay-offs, such as summer camps. c. It makes sense when the financial inflow is used to pay for projects with long-run pay-offs, such as the U.S. highway system. d. It does not make sense unless the majority of people in the economy want to go into debt.