If oil is considered a non-renewable resource, than oil is
A)an unlimited resource.
B)a scarce resource.
C)not a productive resource.
D)has no opportunity cost.

Question

If oil is considered a non-renewable resource, than oil is
A)​an unlimited resource.
B)​a scarce resource.
C)​not a productive resource.
D)​has no opportunity cost.

Quizplus · Accepted Answer

Oil is considered a non-renewable resource because it takes millions of years to form and the rate of consumption is much faster than the rate of replenishment. Therefore, it is scarce and finite. Although there are vast oil reserves, they will eventually run out and the cost of extraction will increase as the remaining reserves become harder to access.

If Oil Is Considered a Non-Renewable Resource, Than Oil Is