If there are approximately 5,000 barrels of known reserves of oil, an estimated 7,500 barrels of unknown reserves of oil,
and annual consumption is 500 barrels of oil, approximately how many years will it be until the supply of oil is depleted, all else equal?
A) 5
B) 10
C) 15
D) 25
D
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For many years short wave radios were a way of getting news from faraway places and in difficult conditions. But as new technologies have spread, the people listening to these devices has decreased
(Source: The Economist, July 7, 2012) As new technology creates substitutes for short-wave radios, the demand for short-wave radios ________ and the consumer surplus from short-wave radios ________. A) increases; increases B) decreases; decreases C) does not change; decreases D) decreases; does not change
From 1996 to 1998, the fall in energy prices could be used
A. to explain why productivity growth increased. B. to indicate improvements in workforce quality. C. to indicate the lack of investment. D. to explain why productivity growth fell.
A tariff placed on a foreign good will
A) reduce the price of a competing domestic good. B) increase the price of a competing domestic good. C) increase the quantity sold of both the foreign and competing domestic good. D) reduce the quantity sold of both the foreign and competing domestic good.
As the price of a good increases, the loss in consumer surplus is larger,
A) the more elastic demand is. B) the more money previously spent on the good. C) the less money previously spent on the good. D) the smaller the price increase.