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:

Variable Cost

Charges that adjust in relation to the amount of goods produced or level of enterprise activity.

Output Volume

The quantity of goods or services produced by a company, industry, or economic sector during a specified period.

Total Cost

The complete cost of producing or purchasing goods, encompassing both fixed and variable expenses.

Centre of Gravity

A method used in logistics and supply chain management to find the optimal location of a facility based on minimizing transportation costs.