The Fact That New Methods to Extract Oil Are Developed

question 110

Multiple Choice

The fact that new methods to extract oil are developed as oil prices increase suggests

• A)that methods of production do not change in response to factor-price changes.
• B)that invention is exogenous.
• C)that invention does respond to economic signals and is endogenous.
• D)that oil has many close substitutes.
• E)nothing; changes in technology occur regardless of market prices.

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Definitions:

Appraisal Rating

The evaluation or grading given to an employee based on their performance, often influencing promotions, pay raises, or development plans.

Scale Points

Marks or intervals on a scale used for assessment or measurement, such as in salary grades or performance evaluations.

Automatically Focusing

A system or mechanism's ability to adjust its focus or attention without human intervention, often used in cameras, telescopes, and other devices.

Performance Appraisal

The systematic evaluation of an employee's job performance and productivity in relation to pre-established criteria and organizational objectives.