To Be a Positive Economic Statement, an Assertion Must Be

question 53

True/False

To be a positive economic statement, an assertion must be true.

---

Definitions:

Price Rises

A situation where the cost of goods or services increases over time due to factors like inflation, increased demand, or higher production costs.

Future Supply

Future supply refers to the quantity of a good or service that will be available in the market at future dates, based on current expectations of production and market conditions.

Proved Reserves

Quantities of natural resources, like oil or gas, that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions.

Petroleum Industry

A global sector involved in the exploration, extraction, refinement, transportation, and marketing of petroleum products.