The resource curse is:
A. the curse that countries that have an abundance of resources tend to have lower economic growth compared to countries with fewer natural resources.
B. the curse of many developing countries-they have few natural resources and their economies cannot grow.
C. the curse that countries that have fewer resources tend to have lower economic growth compared to countries with abundant natural resources.
D. an economic theory that has yet to be developed because there are no examples in the real world.
Answer: A
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An efficient economy would set the marginal product in the traditional sector
A) lower than that in the modern non-traditional sector. B) higher than that in the modern sophisticated sector. C) equal to that in the modern sophisticated sector. D) lower in the relatively capital intensive sector. E) higher in the relatively capital intensive sector.
Select the normative statement that completes the following sentence: If the minimum wage is raised:
a. cost per unit of output will rise. b. workers will gain their rightful share of total income. c. the rate of inflation will increase. d. profits will fall.
When a previously licensed pesticide is reevaluated
a. it can be restricted in use, but not banned b. a Reregistration Eligibility Decision document is issued in the final phase of the process c. it must becomepart of an Integrated Pest Management program d. all of the above
Maggie buys peanut butter and jelly, both of which are normal goods. When the price of peanut butter rises, the income effect induces Maggie to buy ________ peanut butter and ________ jelly.
a. less, less b. more, more c. more, less d. less, more