Crude Oil Is ________________

question 37

Multiple Choice

Crude oil is ________________.

• A) usable in its raw form
• B) fractionated to separate the chemicals used for gasoline, lubricants, plastics and other products
• C) formed less than 100 yards below the surface; in deeper places with more pressure, coal is formed
• D) formed in a wide range of temperature and pressure circumstances
• E) composed of less than ten different hydrocarbon molecules

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Definitions:

Limited Resources

The finite availability of resources such as time, money, and materials, which constrains production, consumption, and allocation decisions.

Consumer Sovereignty

The principle that the production and sale of goods and services in an economy are determined by the preferences and decisions of consumers.

Invisible Hand

A concept introduced by Adam Smith to describe how individuals’ self-interested actions can lead to positive social and economic outcomes for the community as a whole.

Self-Interest

An individual’s actions and decisions motivated by personal gain or benefit.