Proved Reserves of Natural Gas and Oil

question 87

Multiple Choice

Proved reserves of natural gas and oil

• A) will last only another five years at the current worldwide consumption rate.
• B) reveal little about whether the world is about to run out of these resources since they are calculated at present levels of price and technology.
• C) are just another way of measuring how many years civilization will continue.
• D) indicate that the supply of petroleum will be depleted by the year 2020 unless governments adopt price controls and energy rationing.

Differentiate between various stages and capabilities in child language acquisition.

Appreciate the generative and dynamic nature of language in conveying information.

Understand the evolving functionality and impact of smartphones on society.

Identify large online databases and their proprietors.

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Definitions:

Common Resources

Resources that are accessible to all members of a society but are limited in availability and can be depleted by overuse.

Private Markets

Markets where transactions occur between private entities without significant government intervention, focusing on the exchange of goods and services among individuals and businesses.

Marginal Social Benefit

The additional benefit to society as a whole from increasing the output of a good by one unit.

Private Cost

The costs directly incurred by those who are producing or consuming goods or services.