All of the Following Are True of Biofuels EXCEPT

question 97

Multiple Choice

All of the following are true of biofuels EXCEPT

• A) there is concern that using food products as a fuel source will reduce the global food supply and increase food prices.
• B) demand for biofuels has placed demands on rain- forest lands.
• C) these are fuels such as methane produced from renewable biological resources such as soybeans and corn.
• D) the goal of their use is to reduce harmful carbon dioxide emissions.
• E) biofuels are the only solution to our growing need for fuels in the future.

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Definitions:

Backward-Bending Labor Supply Curve

A labor supply curve that illustrates how an individual's supply of labor can decrease as wages increase beyond a certain point, due to the preference for leisure over income.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods or services.

Income Effect

How an alteration in the income of an individual or an economy influences the demand for a specific good or service.

Legal Hourly Minimum Wage

The lowest hourly pay that employers are legally allowed to pay their workers, as mandated by government law.