Which of the Following Best States Economists' Understanding of the Facts

question 119

Multiple Choice

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

• A)A country with no or few domestic natural resources is destined to be poor.
• 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:

Competitive Differentiation

The unique value or features a company offers to stand out from its competitors in the market.

Lifetime Warranty

A guarantee provided by a manufacturer or seller that a product will be repaired or replaced for free for the duration of the product's life.

Consumer Orientation

Business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs.

Work Ethics

A set of values based on discipline and hard work, guiding how individuals perform their job duties and responsibilities.