All else equal, oil price increases decrease annual oil consumption and therefore decrease the number of years until the oil stock is depleted
Indicate whether the statement is true or false
FALSE
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In general equilibrium
A) supply equals demand for all goods in all periods. B) supply equals demand for most goods in all periods. C) supply equals demand in present value, but not in all periods. D) prices are exogenous.
Which of the following would be considered an implicit cost?
a. Health insurance of employees paid for by the firm b. The water bill of the firm c. The salaries paid to the managers of the firm d. Foregone rent on assets owned by the firm
Twenty years ago, Dr. Montgomery borrowed money from her parents to pay her tuition at graduate school. Now she wants to pay them back. She gives them double what they gave her. According to the rule of 70, what interest rate would have given her parents the same amount of money if they had put it in the bank rather than lending it to their daughter?
a. 3.5 percent b. 4.5 percent c. 5 percent d. 7 percent
The difference between the highest amount a buyer would be willing to pay for a good and the amount she actually pays for it is
A) producers' surplus. B) consumers' surplus. C) marginal revenue. D) marginal utility.