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:

Taxable Income

The portion of an individual's or corporation's income that is subject to taxation by government authorities.

LIFO Method

Last-In, First-Out method; an inventory valuation method where the most recent items added to the inventory are assumed to be the first sold.

Period Of Inflation

A time frame in which the overall level of prices for goods and services is rising, leading to a decrease in purchasing power.

Consigned Inventory

Goods held for sale by one party (the consignee) but owned by another party (the consignor).