The primary focus of energy economics is how:
A. Energy consumption is increasing
B. Energy production is decreasing
C. People deal with the scarcity of energy
D. People conserve crude oil for future use
C. People deal with the scarcity of energy
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Which statement concerning powers granted the President of the United States by the Taft-Hartley Act is TRUE?
A) The President can obtain an injunction that will stop a strike, if the strike involves government workers only. B) The President can require management to negotiate with a union and if the firm's management refuses, the President can appoint an arbitrator to resolve the conflict. C) The President can obtain an injunction that will stop a strike for an eighty-day "cooling off" period if the strike is expected to imperil national safety or health. D) The President can obtain an injunction that will stop a strike indefinitely.
Accounting profits are typically
A. greater than economic profits because accounting profits do not include explicit costs. B. equal to economic profits in the long run. C. smaller than economic profits because accounting profits do not include explicit costs. D. greater than economic profits because accounting profits do not include implicit costs.
A firm can minimize its losses by shutting down when ________ are less than ________ costs.
A. variable costs; fixed B. fixed costs; variable C. operating profits; sunk D. revenues; variable
As oil prices increase, it becomes more economical to extract oil from sources like tar sands
Indicate whether the statement is true or false