If there are approximately 6,000 barrels of known reserves of oil, an estimated 10,000 barrels of unknown reserves of oil,
and it is estimated that the supply of oil will be depleted in 40 years, what is the annual consumption of barrels of oil, all else equal?
A) 150
B) 250
C) 400
D) 1,600
C
Economics
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If the growth rate of the quantity of money is 4 percent per year, potential GDP and real GDP grow at 3 percent per year, and velocity does not change, in the long run what is the inflation rate?
What will be an ideal response?
Economics
James used $200,00 . from his savings account that paid an annual interest of 10% to purchase a hardware store. After one year, James sold the business for 300,000 . An Economist calculated his profit to be:
a. $300,000 b. $100,000 c. $80,000 d. $20,000
Economics