The classic resource study of Barnett and Morse found that
a. resource costs have been rising at such a rate that, within fifty years, the prices of most natural resources will be exorbitant.
b. the current proved reserves of most minerals are becoming perilously low.
c. resource prices declined between 1870 and 1920, but since 1920 the relative price of natural resources has been increasing at an annual rate of approximately 3.5 percent.
d. technology and developing substitutes outran our use of scarce natural resources during the last century, so that relative resource prices have declined.
D
You might also like to view...
The following graph is the production possibilities frontier of a nation:
Refer to the graph. The combination "5 drill presses and 2 units of bread" indicates an
A. inefficient combination for the nation. B. ideal combination for the nation. C. efficient combination for the nation. D. unattainable combination for the nation.
A horizontal demand curve shows that demand for a good is _____
a. perfectly inelastic b. moderately inelastic c. unit-elastic d. moderately elastic e. perfectly elastic
When deciding what to use as money, one characteristic to look for is its:
A. exchange value. B. convenience. C. shape. D. intrinsic value.
______ demand is when the quantity demanded changes proportionately to price changes.
a. Perfectly elastic b. Unit elastic c. Perfectly inelastic d. Unit inelastic