Engineering Economics
What is defined as the reduction of the value of certain natural resources such as mines, oil, timber, quarries, etc. due to the gradual extraction of its contents?

Inflation
Deflation
Depreciation
Depletion

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Engineering Economics
Which one of the following questions is relevant to the construction estimates?

Did the estimators precisely evaluate site conditions
How much money will the contractor's risk, loosing if he were to submit bid on the raw estimate of cost
All of these
Did the estimators use short cut methods which may be unrealistic in their situation

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