The Capricious Universe View Indicates That

question 20

Multiple Choice

The capricious universe view indicates that

• A) in the long run, "acts of God" have contained population growth and thus contributed to economic development.
• B) DVCs will obtain biological and chemical weapons and force the redistribution of world wealth.
• C) there is little or no correlation between one's efforts and the rewards he or she receives.
• D) international and civil wars have been the primary impediment to growth.

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Definitions:

Elasticity of Demand

Estimating how much the demand for a product fluctuates in response to changes in its price.

Resource Markets

Markets in which business firms demand factors of production (for example, labor, capital, and natural resources) from household suppliers. The resources are then used to produce goods and services. These markets are sometimes called factor markets or input markets.

Quantity Supplied

The quantity of a product or service that suppliers are ready and capable of selling at a specific price.

Inversely Related

A term used to describe a situation in which one variable increases as another variable decreases.