Proved reserves are likely to underestimate the total quantity of the resource in the ground because
a. of flaws in information flows between countries.
b. government agencies have an incentive to keep reserves secret.
c. of future improvements in technology and higher future prices.
d. scientists have not been able to use the latest techniques to estimate reserves in less developed countries.
C
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An increase in the equilibrium quantity of a product will result
A) when there is an decrease in demand and a decrease in the cost of inputs used to make the product. B) when there is an increase in supply and an increase in demand for the product. C) when the quantity of the product supplied exceeds the quantity demanded. D) when there is an increase in supply and a decrease in demand for the product.
When the Fed adopts an expansionary monetary policy: a. the demand for investment curve shifts to the left
b. the demand for investment curve shifts to the right. c. there is a downward movement along the demand for investment curve. d. there is an upward movement along the demand for investment curve. e. there is no impact on the demand for investment curve.
There are some economists who argue that low mortgage interest rates in the time period preceeding the financial crisis of 2007-2009 were a result of a ___________ in global savings. They argue that emerging countries began to save ___________ which helped to _____________ the supply of loanable funds in the United States
A) glut; less; decrease B) glut; more; increase C) decline; more; increase D) decline; less; decrease
In the above figure, curve b shows the
A) bottles of soda that people are willing to forgo to get another bicycle. B) bottles of soda that people must forgo to get another bicycle. C) benefits of producing more bicycles is greater than the benefits of producing more soda. D) benefits of producing more soda is greater than the benefits of producing more bicycles.