True or False: The 'boom and bust' cycle refers to the fluctuation of government income and spending based on the market price of resources.
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Practise MYP Individuals & Societies questions on 7.2 Non-renewable Resources and review the explanations to check your understanding.
Use these questions for topic practice and to find ideas you want to revisit in your notes or lessons.
True or False: The 'boom and bust' cycle refers to the fluctuation of government income and spending based on the market price of resources.
According to the 'exam technique' advice in the text, which three components should be included to precisely explain oil price changes using a supply and demand model?
Which of the following is an economic benefit often associated with the extraction of non-renewable resources?
Besides taxes, how do governments typically earn revenue directly from private companies for the extraction of resources?
Which specific infrastructure examples are cited as potential development benefits funded by the revenue from resource extraction?
True
False
The type of organic matter, the geological pressure, and the refining process used
The energy density of the fuel, the ease of transport, and the suitability for engines
Which curve shifts, the direction of the shift, and the resulting changes in equilibrium price and quantity
The member states of OPEC, the volume of global reserves, and the impact of the Gulf War
Increased greenhouse gas emissions
Higher government revenue through taxes and royalties
Water pollution and habitat damage
Local community displacement
Royalties
Inelasticity
Subsidies
Foreign exchange
Roads, ports, and pipelines
Schools and hospitals
Refineries and chemical plants
Hotels and shopping malls