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:

Ceteris Paribus

A Latin term meaning "all other things being equal," used to isolate the effect of one variable in a economic model.

Variables

Elements, features, or factors that are liable to vary or change, often used in mathematical models or experiments to calculate outcomes or effects.

Positive Statement

An objective statement based on factual evidence that can be tested and validated as true or false.

U.S. Dollar

The official currency of the United States, used as a standard monetary unit for many international transactions.