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Defining and Measuring Energy

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Questions and Answers

What is a common unit of measurement for the volume of energy produced in the oil industry?

Barrels (correct)

Watt-hours

Cubic feet

Barrels per day

What is the primary contributor to climate change problems in the energy sector?

Energy accidents

Fossil fuel production and use (correct)

Energy intensity

Renewable energy sources

What is energy intensity a measure of?

The efficiency of energy production

The amount of energy consumed per unit of GDP (correct)

The cost of energy consumption per unit of GDP

The amount of greenhouse gas emissions per unit of energy consumed

What is the primary function of energy in the economy?

To provide a necessary factor of production Signup and view all the answers

What unit of measurement is used to compare the energy output of different sources?

British thermal units (Btu) Signup and view all the answers

What is a consequence of time lags in the energy market in response to a demand shock?

The price increases to p_max at the original quantity produced. Signup and view all the answers

Why might energy suppliers not respond immediately to a demand shock?

Suppliers may not find it profitable to expand energy supply. Signup and view all the answers

What is a characteristic of non-renewable energy sources?

They do not replace their stock in a sufficient amount of time. Signup and view all the answers

Why might oil prices be volatile?

Due to direct relation with economic performance. Signup and view all the answers

Why might countries like India and China be hesitant to phase out coal?

Due to the need to catch up in development. Signup and view all the answers