Which of the following best states economists' understanding of the facts concerning the relationship between natural resources and economic growth?
a. A country with no or few domestic natural resources is destined to be poor.
b. Differences in natural resources have virtually no role in explaining differences in standards of living.
c. Some countries can be rich mostly because of their natural resources and countries without natural resources need not be poor, but can never have very high standards of living.
d. Abundant domestic natural resources may help make a country rich, but even countries with few natural resources can have high standards of living.
d
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Which of the following is a service of depository institutions?
A) decreasing the liquidity drain of funds in the banking system B) monitoring the Federal Reserve C) pooling risk D) loaning funds to other depository institutions at the discount rate
Refer to Figure 3-4. At a price of $20, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800
The price elasticity of demand for beef is about 0.60. Other things equal, this means that a 20 percent increase in the price of beef will cause the quantity of beef demanded to:
A. increase by approximately 12 percent. B. decrease by approximately 12 percent. C. decrease by approximately 32 percent. D. decrease by approximately 26 percent.
Which of the following statements is true about falling birthrates?
A. They tend to lag behind falling death rates, allowing population growth to continue for at least one or two more generations. B. They tend to precede declines in death rates, causing a temporary dip in population before it stabilizes in a generation or two. C. They tend to lag behind declining standards of living. D. They always cause population to decline.