Explain what increases in the price of oil have done to the exploration and extraction of oil from more costly sources of oil. What are some of these more costly sources of oil, and what happens to the quantity of proven oil reserves?
What will be an ideal response?
As oil prices have increased, oil companies have more of an incentive to explore for and extract oil from more costly sources. These sources include shale oil, tar sands oil, oil extracted from horizontal drilling and oil extracted from fracking.
Economics
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Over the last three decades in the United States, services have become a smaller fraction of GDP relative to goods
Indicate whether the statement is true or false
Economics
A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions is known as a(n): (check all that apply)
a. economic hypothesis b. economic law c. normative economic statement d. economic principle
Economics