What Is True of Depletable Resources Is That

question 63

Multiple Choice

What is true of depletable resources is that

• A)increasing scarcity leads to their total disappearance.
• B)they are depleted by gradually using up the supply of homogeneous resources, every unit of which is equally available.
• C)generally the most accessible and cheapest sources are used up so that new supplies become more costly.
• D)their prices must rise at the average rate of inflation.

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Definitions:

GDP Deflator

A measure of the price level of all domestically produced final goods and services in an economy, used to convert nominal GDP into real GDP.

CPI

By applying a weighted average methodology, the Consumer Price Index tracks the fluctuations in average prices for a comprehensive array of consumer goods and services, such as medical care, food, and transportation services.

CPI

It's an index that measures the average prices of a basket of consumer services and products, like food, transportation, and healthcare, through their weighted average, known as the Consumer Price Index.

Base Year

A specific year against which economic or financial data is compared to measure changes in prices, outputs, or other economic indicators over time.