At the current pace of oil consumption and given what oil is known to exist and what oil is expected to be discovered, oil reserves are likely to
A. never run out.
B. run out sometime between 2050 and 2100.
C. run out before 2025.
D. run out sometime between 2025 and 2050.
Answer: B
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Assume that Michael is interested in buying a lawn mower. Right now, interest rates are very high, but he believes they will soon start to fall. If Michael purchases the lawn mower today, we know that
a. he was concerned about future inflation. b. the current inflation rate was low. c. he paid an inflationary premium. d. he had a strong, positive rate of time preference.
An example of a government-imposed barrier to entry gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented. This entry barrier is known as
A) a copyright. B) an exclusive marketing agreement. C) a patent. D) a tariff.
The annual cost of spam is estimated near ______.
a. $20 million b. $20 billion c. $2 trillion d. $200 trillion
The study of how people (or firms) behave in strategic situations is called:
A. cost-benefit analysis. B. recursive analysis. C. normative economics. D. game theory.