Economists Are Optimistic That Growth Can Continue in the Face

question 232

Multiple Choice

Economists are optimistic that growth can continue in the face of resource scarcity because:

• A) the oil industry vastly understates the level of oil reserves.
• B) prices of scarce resources fall and provide incentives to use more of those resources.
• C) prices of scarce resources rise and provide incentives to find alternative energy sources.
• D) resource scarcity no longer limits economic growth.

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Definitions:

Proactive ADR

A forward-thinking approach to alternative dispute resolution, aiming to address and manage conflicts before they escalate to litigation.

Litigation

The process of taking legal action or resolving disputes in the court system.

Cost-effectiveness

A measure of the efficiency of a product, service, or process, where effectiveness is weighed against costs.

ADR

Alternative Dispute Resolution; methods for resolving disputes outside of the judiciary system, such as arbitration or mediation.