Is Having Abundant Resources an Absolute Guarantee of Economic Growth

question 126

Multiple Choice

Is having abundant resources an absolute guarantee of economic growth and prosperity?

• A) Yes,as long as a country has a large number of resources,it will prosper.
• B) No,countries also need an aggressive military.
• C) Yes,there are no prosperous countries without a large amount of resources.
• D) No,other factors like institutions and technological advances are relevant too.
• E) No,many countries thrive under collective ownership of property.

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Definitions:

Operating Expenses

Costs associated with the day-to-day functioning of a business that are not directly tied to production, such as salaries and rent.

Production Processes

Refers to the sequence of activities or operations involved in transforming raw materials into finished goods.

Value Analysis

A systematic assessment to identify and eliminate unnecessary costs in product design without sacrificing functionality or quality.

Continuous Improvement

An ongoing effort to improve products, services, or processes by making incremental improvements over time.