Make the case that the United States is not running out of oil or energy
What will be an ideal response?
One concern people have about energy is whether the economy is running out of the energy, particularly oil. Economists do not worry about this matter because they know that as the price of oil rises, alternative sources of energy become economically viable. And as technology improves, the cost of producing such alternatives falls, bringing forth more energy production.
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A single-price monopoly has marginal cost of $23 and marginal revenue of $28. Which of the following is definitely correct?
A) It is maximizing profit. B) To increase profit, it should produce less. C) To increase profit, it should produce more. D) It should shut down. E) It is making an economic profit.
Which of the following is NOT part of the monetary base?
A) currency B) reserves of depository institutions C) the public's checking deposits at commercial banks D) commercial banks' reserves.