Doomsday Forecasts About Running Out of Natural Resources, with Dire

question 31

Multiple Choice

Doomsday forecasts about running out of natural resources, with dire consequences,

• A) have occurred at least as far back in time as the 16th century.
• B) have generally been correct, and resources today are nearly all rising in price.
• C) seldom are taken seriously enough by the public.
• D) began to be heard for the first time after Earth Day of 1970.

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Definitions:

Protective Tariffs

Import taxes imposed by countries to protect domestic industries from foreign competition by making imported goods more expensive.

Import Quotas

Limits set by a government on the amount or value of goods that can be imported into a country.

Domestic Supply

The total amount of a good or service available from producers within a country for domestic consumption or use.

Demand Schedules

Tables that show the level of demand for a specific good or service at different price points, typically holding all other factors constant.