Which of the Following Statements Is True

question 34

Multiple Choice

Which of the following statements is True?

• A) World coal reserves are substantially smaller than petroleum reserves.
• B) The fossil fuel most readily available and abundant in the United States and Canada is petroleum.
• C) The United States has only enough proven oil supplies to last 4 years at current rates of consumption.
• D) World coal reserves are only large enough to provide power for about 100 years.
• E) Under normal operating conditions, you are likely to get a higher dose of radiation living next to a nuclear plant than a coal-burning plant.

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.

Decrease in Supply

A reduction in the availability of a particular good or service in the market.

Downward-Sloping Demand

A fundamental economic principle stating that, ceteris paribus, the quantity demanded of a good falls as the price of the good rises, illustrated by a downward-sloping demand curve.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.