Which Statement Best Explains Economists' Understanding of the Facts Concerning

question 155

Multiple Choice

Which statement best explains economists' understanding of the facts concerning the relationship between natural resources and economic growth?

• A) A country with few or no domestic natural resources is destined to remain undeveloped.
• 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.

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Definitions:

Alternative Work Arrangements

Employment setups that deviate from traditional models, including part-time, freelance, telecommuting, and flexible scheduling.

Fringe Benefits

Additional benefits supplementing an employee's salary, such as medical insurance, paid vacations, and retirement plans.

Postmodern Economy

An economic system characterized by a shift from industrial production to services, information, and knowledge managing.

Knowledge-Workers

Employees whose main capital is knowledge, typically performing tasks that require cognitive skills, such as developing new ideas, analyzing information, and solving complex problems.