答案和详解如下： 1.Which of the following best describes the elasticities of supply for renewable and non-renewable resources?
| Renewable resource | Non-renewable resource |
A) Elastic Perfectly elastic B) Perfectly inelastic Perfectly elastic C) Inelastic Perfectly inelastic D) Perfectly elastic Perfectly inelastic The correct answer was B) 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. 2.Which statement about renewable and non-renewable resources is most accurate? A) The price of a renewable resource is the present value of its expected next-period price. B) Land is considered a renewable resource. C) The known stock of a non-renewable resource must decrease as the resource is used. D) The supply curve for a non-renewable resource is perfectly elastic and the price is determined by demand for it. The correct answer was B) 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 price of a non-renewable resource is the present value of its expected next-period price. The supply curve for a non-renewable resource is perfectly elastic at that price, and the quantity supplied is determined by demand. | 
发表于 2008-4-18 13:51
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