Which one of the following statements is true?
a. A static reserve index will indicate a longer resource lifetime than an exponential reserve index
b. An exponential reserve index indicates a longer resource lifetime than a static reserve index
c. Eventually all sub-economic reserves of non-renewable resources will be depleted
d. Eventually all physical reserves of non-renewable resources will be depleted
e. Sub-economic resources or reserves can never become economic resources or reserves
f. All of the above.
g. None of the above.
Ans: a. A static reserve index will indicate a longer resource lifetime than an exponential reserve index
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The model of expectations in which the current level of inflation depends on past levels is referred to as:
A) realized real expectations. B) adaptive expectations. C) rational expectations. D) composite expectations.
When households and businesses interact in product markets goods and services are
a. not exchanged b. flowing toward businesses c. flowing toward households d. not used at all e. flowing to both businesses and households