Which of the following statements accurately reflect the difference between resources and reserves? (Select all that apply.)Multiple select question.The amount of a resource remaining and the reserves of that resource must always be equal.The total amount of reserves can increase for a substance even as the total amount of the resource falls.Technological advancements in mining and extraction can increase the amount of a resource such as coal while decreasing the total reserves of it.The amount of reserves can increase or decrease based on economic forces, whereas the amount of a resource remaining deceases as it is used.
Question
Which of the following statements accurately reflect the difference between resources and reserves? (Select all that apply.)Multiple select question.The amount of a resource remaining and the reserves of that resource must always be equal.The total amount of reserves can increase for a substance even as the total amount of the resource falls.Technological advancements in mining and extraction can increase the amount of a resource such as coal while decreasing the total reserves of it.The amount of reserves can increase or decrease based on economic forces, whereas the amount of a resource remaining deceases as it is used.
Solution
The correct statements that accurately reflect the difference between resources and reserves are:
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"The total amount of reserves can increase for a substance even as the total amount of the resource falls." This is because reserves refer to the amount of a resource that is known to exist and can be economically extracted with current technology. If new extraction methods are developed or if the price of the resource increases, making extraction more profitable, the amount of reserves can increase even if the total amount of the resource is decreasing.
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"The amount of reserves can increase or decrease based on economic forces, whereas the amount of a resource remaining decreases as it is used." This is true because reserves are influenced by economic factors such as the cost of extraction and the market price of the resource. If the price of the resource increases, more of it may become economically viable to extract, increasing the amount of reserves. On the other hand, the total amount of a resource decreases as it is used, regardless of economic factors.
The other two statements are incorrect:
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"The amount of a resource remaining and the reserves of that resource must always be equal." This is not true because reserves are only a portion of the total resource that can be economically extracted with current technology. The total resource includes all of the resource that exists, regardless of whether it can be economically extracted or not.
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"Technological advancements in mining and extraction can increase the amount of a resource such as coal while decreasing the total reserves of it." This is not true because technological advancements in mining and extraction would typically increase the amount of reserves, not decrease them, by making it economically viable to extract more of the resource. The total amount of the resource would not increase because it is a finite amount that exists in the earth.
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