Which of the Following Statements Is True About the Demand

question 116

Multiple Choice

Which of the following statements is true about the demand for and/or the supply of natural resources?

• A) The supply curve for natural resources is more elastic in the long run than in the short run.
• B) The elasticity of demand for electricity, natural gas, and gasoline equals approximately 0.1 in both the short run and the long run.
• C) Natural resources are demanded by consumers and producers in steadily growing amounts, so future shortages are inevitable.
• D) The supply of many natural resources is finite; thus the long-run elasticity of supply must be zero.

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Definitions:

FASB-IASB Convergence

The ongoing efforts by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to align their accounting standards and practices.

Lease Accounting

The process of recording and reporting financial transactions related to leases in the company's financial statements, following specific accounting standards.

U.S. GAAP

United States Generally Accepted Accounting Principles, a set of accounting rules and standards used in the United States for preparing financial statements.