It depends on the cut of meat. A standing rib roast, sirloin or comparable cut would not be covered. A tougher cut like chuck roast or pot roast should have liquid added and be cooked covered, at least that's what my wife says.
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I buy dry onion soup mix and mix it stronger than normal, (less water). I boil it and put it in a roaster with a lid in the oven. I sear a seven bone roast as you say after putting a dry rub of my favorite spices on it. Put the roast in the oven, cover, and cook at 250º for 4hrs. Add taters, onions, carrots, shrooms, and whatever sounds good and cook another hour.
Ok here's my opinion on this. The higher quality roasts can be roasted open pan. Lower quality add water and spices and cook tented or with a lid. Higher being a prime rib coated with coarse salt and coarse pepper. Lower being a 7 bone (great flavor, but tough).
#1 always roast slowly to avoid shrinkage.
#2 form a crust (sear or spice) to hold in juices
#3 Always rest meat before cutting.
I agree with the answers you have gotten so far but would like to add:
Ask the person in the butcher shop or meat department where you buy. If you really want a great roast, spend the money for a standing rib roast. The meat from one rib will generally serve two people. If you follow this recipe for cooking roast beef, you can't go wrong.
Start with any compact (not flat) good cut for roasting.
Preheat your oven to 530 degrees (yes 530)
Rub roast with flour, sprinkle with salt & pepper, put
in a cast iron skillet in the center of the oven.
Roast at 530 for 15 minutes then turn down to 325. Cook for about 25 minutes per pound total, check with a meat thermometer. I cook mine to an internal temperature of about 135 (medium rare)then take it out, cover with foil and let it rest while I make gravy. Don't cut into it until it has rested for at least 10 minutes
If you roast a good piece of meat like this it is very tender and juicy.