Factors to Be Considered in Reassessing the Estimate of Recoverable

question 40

Multiple Choice

Factors to be considered in reassessing the estimate of recoverable reserves each year include:

• A) the past production rate compared to total estimated reserves.
• B) the possibility that technological developments or discoveries may make the product obsolete or uneconomical at some future time.
• C) changes in technology, market or economic conditions affecting either sales prices or production costs, with a consequent impact on cut-off grades.
• D) the possibility that technological developments or discoveries may make the product obsolete or uneconomical at some future time and changes in technology, market or economic conditions affecting either sales prices or production costs, with a consequent impact on cut-off grades.

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Definitions:

Socialism

An economic and political system where the production, distribution, and exchange of goods and services are regulated or owned by the community as a whole or the state.

Communism

A socio-political and economic ideology aiming for a classless society in which the means of production are owned communally, and private property is nonexistent or severely curtailed.

Manufacturing Economy

A system where a country's economy is heavily reliant on the production and export of manufactured goods.

Crop Rotation

A method in agriculture where different types of crops are grown in the same area in sequenced seasons to improve soil health and reduce pests.