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答案和详解如下：

Q1、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.

Correct answer is A)

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.

Q2、Which of the following best describes the elasticities of supply for renewable and non-renewable resources?

          Renewable resource                   Non-renewable resource

 

A)   Perfectly inelastic                                 Perfectly elastic

B)   Inelastic                                                 Perfectly inelastic

C)   Perfectly elastic                                    Perfectly inelastic

Correct answer is A)

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.

Q3、The supply of a renewable resource is:

A)   independent of price and perfectly elastic.

B)   dependent on price and relatively elastic.

C)   independent of price and perfectly inelastic.

Correct answer is C)

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.