According to the economics of exhaustible resources, if the interest rate increases,
A) an exhaustible resource will be used up sooner.
B) an exhaustible resource will be used up over a longer period of time.
C) the period of time until an exhaustible resource is used up will not change.
D) none of the above
A
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A limitation of the discount rate as a policy tool is that the initiative for its use rests with
A) commercial banks. B) consumers. C) the U.S. Treasury. D) state governments.
In the short run, following an increase in government purchases,
a. the aggregate expenditure line shifts upward by more than the increase in government purchases b. real GDP declines by the change in government purchases times the expenditure multiplier c. the money supply curve shifts rightward because real income rises d. the interest rate rises because the money demand curve shifts rightward e. autonomous consumption and investment increase because of the increase in real income
Which of the following is an accurate statement about rationality?
a. Rationality is the same for all people. b. Rationality is subjective. c. Rationality yields mostly satisfying results. d. Rationality uses complex formulas.
Table 7-4 The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal’s baseball game at Wrigley Field. Buyer Willingness to Pay Jennifer $10 Bryce $15 Dan $20 David $25 Ken $50 Lisa $60
Refer to Table 7-4. If you have two (essentially) identical tickets that you sell to the group in an auction, what will be the selling price for each ticket? a. $61 b. $51 c. $26 d. $21