Evaluate the statement: “No nation can grow without a large natural resource base.”
What will be an ideal response?
A small resource base is clearly an obstacle to economic growth for many DVC. A large resource base, however, is not an absolute requirement for economic growth because it only helps make growth possible. Several major nations, such as Japan, the Netherlands, and Switzerland, have small resource bases and yet are industrially advanced nations. These nations have been able to focus on increasing or improving the stocks of other resources, such as labor or capital, or they have made technological advances, all of which have allowed these nations to overcome the obstacle of a small natural resource base.
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Price ceilings and minimum wages may increase poverty in the long run because they tend to
a. decrease the incentive to work among the poor b. increase the level of saving among the rich c. increase productivity of labor among the rich and poor d. promote investment among the rich e. reduce the distortions in the price system
In order to practice quantitative easing (QE) to bring down long-term interest rates, the Fed should
A. sell short-term securities. B. buy short-term securities. C. buy long-term securities. D. sell long-term securities.
While the slope of the perfectly inelastic supply curve ________, the slope of the perfectly elastic supply curve ________.
A. is zero; approaches infinity B. approaches infinity; approaches infinity C. is zero; is zero D. approaches infinity; is zero
The expression "getting the most bang for your buck" is an illustration of the
A. marginal utility/total utility ratio. B. total utility/price ratio. C. marginal utility/price ratio. D. total utility/marginal utility ratio.