. Which one of the following statements best describes the realworld experience with Hotelling's rule? sup-now Hotelling's rule clearly does not apply to the real world Hotelling's rule has accurately predicted resource prices over time Hotelling's rule has not affected prices because of improvements in technology Hotelling's rule has not affected prices because of reductions in demand Hotelling's rule has not affected prices because of reductions in interest rates Geographic areas in which air pollution is greater than what is allowed by national ambient air quality standards are referred to as rap-nan Mobile source areas Immobile source areas Prevention of signicant deterioration (PSD) areas Nonattainment areas Air quality control regions (AQCRs) . Water pollution that cannot be identified precisely and degrades the environment in a diffuse, indirect way over a large area is called... a. Diffuse pollution b. Localized pollution c. Point source pollution d. Toxic pollution e. Nonpoint source pollution Land matters in an absolute sense because and in a relative sense because a. The land's location directly affects its value; the value of any piece of land is also affected by the uses of the land around it b. The land's location indirectly affects its value; the value of any piece of land is also affected by the uses of the land around it c. People want land; people are willing to pay for land d. The land's location directly affects its value; the value of any piece of land is not affected by the uses of the land around it e. Land is a scarce resource; it is scarcer than all other factor inputs