Which of the following statements is true with respect to nonrenewable natural resources?
a. With proper management, more natural resources can be created.
b. The economy will never run out of the resource since it can always find new supplies as the price rises.
c. Economists can predict with reasonable accuracy when the supply will be depleted.
d. Before the last unit is taken from the earth, the economy is likely to already have abandoned it and switched to another.
e. Water is an example of a nonrenewable natural resource.
D
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The main disadvantage to organizing a business as a proprietorship is
A) its complex management structure. B) limited liability. C) unlimited liability. D) that economic profit cannot be maximized.
Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee rises from $4 to $5, the market quantity demanded would
A) decrease by 115 lbs. B) decrease by 35 lbs. C) increase by 35 lbs. D) increase by 115 lbs.