Which statement about natural resources and a country’s economic growth is true?
a. Natural resources have a very limited impact on a country’s economic growth.
b. Abundant natural resources can increase output, but sustained growth depends on other factors.
c. A country’s economic growth determines its supply of natural resources.
d. The presence of natural resources is the primary predictor of a country’s economic output.
b. Abundant natural resources can increase output, but sustained growth depends on other factors.
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Suppose the extra cost for a company to advertize for one extra day each week on a local TV station is $1,500. Then, the company should advertize on that additional day if it can generate total revenue of $1,500 each week
Indicate whether the statement is true or false
If a firm has short-run losses, will it stay open? Under what conditions will a firm close in the short run? Explain.
What will be an ideal response?
A binding price floor is: a. set with the aim of increasing the consumer surplus. b. set at the equilibrium price level
c. set below the equilibrium price level. d. set above the equilibrium price level.
When regulators use a marginal-cost pricing strategy to regulate a natural monopoly, the regulated monopoly
a. will experience a loss. b. will experience a price below average total cost. c. may rely on a government subsidy to remain in business. d. All of the above are correct.