Question
Download Solution PDFWhich of the following is defined as 'the percentage change in energy consumption to achieve 1% change in the national GDP in a specific country over time' ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is option 4.
Energy Elasticity is defined as the percentage change in energy consumption required to achieve a 1% change in a country's GDP over time. It indicates how energy consumption grows concerning economic growth.
Other options:
- Energy Efficiency: The ratio of useful output of a system to the input energy, focusing on reducing energy wastage.
- Energy Intensity: The amount of energy consumed per unit of GDP, indicating how energy-efficient an economy is.
- Energy Audit: A systematic process to analyze energy usage in a facility to improve efficiency and reduce consumption.
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