Ownership of Natural Resources Is Not Necessary for an Economy

question 26

Multiple Choice

Ownership of natural resources is not necessary for an economy to be highly productive because

• A) productivity depends only on human capital.
• B) productivity depends only on the quantity of labour a country has.
• C) natural resources can be acquired through international trade.
• D) natural resources are less important than a country's stock of capital goods.

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Definitions:

Social Stratification

A system by which a society ranks categories of people in a hierarchy, based on factors like wealth, income, race, education, and power.

Social Class

A division of a society based on social and economic status.

Social Strata

Layers within a society, formed based on various criteria such as wealth, occupation, and education, which define a person's social standing or class.

Pecking Order

A social hierarchy among a group, where individuals or entities are ranked relative to each other.