Predictions of Severe Shortages Due to Impending Natural Resource Depletion

question 205

Multiple Choice

Predictions of severe shortages due to impending natural resource depletion

• A) are widely accepted by resource economists even though such predictions are a relatively new occurrence.
• B) have been wrong in the past, but most resource economists believe that the threat of resource depletion is now far more severe than ever before.
• C) are typically made without adequate recognition and consideration of resource price elasticities.
• D) typically assume that price elasticities are greater than they really are.

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Definitions:

Mechanism

The detailed step-by-step pathway through which reactants transform into products in a chemical reaction.

Ammonia

A colorless gas with a pungent smell, composed of nitrogen and hydrogen (NH3), used widely as a fertiliser and industrial feedstock.

Propanoic Acid

A short-chain fatty acid with the formula C2H5COOH, known for its unpleasant odor similar to body sweat.

Methyl Propanoate

An ester formed from methanol and propanoic acid, often used as a solvent or in the synthesis of other compounds.