A leading environmental group recently published a report contending that humans are running a "resource deficit" because we are using natural resources faster than they can be regenerated. The group claims that this means that economic growth will eventually stop, and will even be reversed. An economist would
a. agree with the report, and would point to rising natural resource prices as evidence.
b. agree with the report, but wouldn't think it was important because growth will not slow down for several centuries.
c. disagree with the report, in part because it ignores the mitigating effects of technological change.
d. disagree with the report because labor and capital are the primary determinants of growth, and since they are plentiful, growth will not slow down.
c
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A) greater than B) equal to C) less than D) not comparable to
In what market are goods and services sold?
a. money market b. household market c. product market d. resource market e. consumer market
In the case of oligopolistic markets, self-interest makes cooperation difficult and it often leads to an undesirable outcome for the firms that are involved
a. True b. False Indicate whether the statement is true or false
Grapevine Bank receives a deposit of $200,000. Its required reserve ratio is 12 percent. How much of this deposit is available to be loaned to borrowers?
a. $12,000 b. $176,000 c. $200,000 d. $24,000