标题: Markets for Factors of Production LOSG习题精选 [打印本页]
作者: honeycfa 时间: 2010-4-17 10:31 标题: [2010]Session 5-Reading 21: Markets for Factors of Production LOSG习题精选
LOS g: Differentiate between renewable and nonrenewable natural resources and describe the supply curve for each.
Which statement about renewable and non-renewable resources is most accurate?
|
A) |
Land is considered a renewable resource. | |
|
B) |
The supply curve for a non-renewable resource is perfectly elastic and the price is determined by demand for it. | |
|
C) |
The known stock of a non-renewable resource must decrease as the resource is used. | |
Land is considered a renewable resource because using it in the present does not prevent its use in the future. The known stock of a non-renewable resource is fixed in the short term, but can increase in the long term as technology makes more of the resource accessible. The supply curve for a non-renewable resource is perfectly elastic at that price, and the quantity supplied is determined by demand.
作者: honeycfa 时间: 2010-4-17 10:31
Which of the following best describes the elasticities of supply for renewable and non-renewable resources?
|
Renewable resource |
Non-renewable resource |
|
A) |
| Inelastic |
Perfectly inelastic | | |
|
B) |
| Perfectly elastic |
Perfectly inelastic | | |
|
C) |
| Perfectly inelastic |
Perfectly elastic | | |
The supply (flow) of a renewable resource is fixed at any point in time. Therefore the supply is independent of price, or perfectly inelastic. Supply (stock) of a non-renewable resource is perfectly elastic, as the resource is supplied from its known stock at a price equal to the present value of its expected price in the next period.
作者: honeycfa 时间: 2010-4-17 10:32
The supply of a renewable resource is:
|
A) |
independent of price and perfectly inelastic. | |
|
B) |
independent of price and perfectly elastic. | |
|
C) |
dependent on price and relatively elastic. | |
The supply of renewable resources over a period of time is fixed. The supply of renewable resources is, therefore, independent of price and perfectly inelastic.
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