Predictions that natural resources such as oil will be essentially used up in the next few decades have
A) been frequently made for the past century, but have always proven to be false.
B) usually been based on the quantity of proved reserves.
C) ignored the role of price in governing the quantities demanded and supplied.
D) All of the above.

Question

Quizplus · Accepted Answer

All three options are correct. Predictions about natural resource depletion have been made for a long time, but they have never been completely accurate. Proved reserves are an important factor in these predictions, but they do not take into account the role that price plays in supply and demand.

Predictions That Natural Resources Such as Oil Will Be Essentially