Cartels. OPEC refers to the: (a) Organization of Petroleum Exporting Countries (

Question

Cartels. OPEC refers to the: (a) Organization of Petroleum Exporting Countries (b) Office of Price & Economic Controls. (c) Old Pensioner & Ecclesiastical Cooperative (d) Office to Produce Economic Coordination. The price elasticity of oil is the relative proportional change in the: (a) quantity of oil demanded yielded by a given absolute price change (b) price generated by a given change in oil demanded. (c) quantity of oil demanded divided by a very small price change (d) percentage of income spent on oil as its price changes. (e) demand for oil associated with a 1 % increase in income Depletion of oil or other nonrenewable resources (a) entails exhaustion of the resource through extraction (b) stops when a business has deducted all capital costs. (c) generates capital depreciation for tax purposes (d) is the sole cause of global warming (e) allows intangible drilling expenses to be deducted immediately. A backstop technology is (a) a technology that stops the use of non-renewable resources b) a perfect substitute for a non-renewable resource. (c) a technology that makes oil more productive. d) None of the above

Explanation / Answer

OPEC refers to Organization of Petroleum Exporting Countries.

The price elasticity of oil is the relative proportional change in the (c). Price elasticity of demand is the change in quantity due to change in demand.

Depletion of oil and other natural resources is the exhaustion of the resource through extraction.

A backstop technology is (b). Backstop technology looks at alternative resources whose cost of production is much lower than the exhaustible resource.

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