If Everybody in the World Used Resources at the Rate

question 67

Multiple Choice

If everybody in the world used resources at the rate that people in the United States do,

• A) People would be healthier and happier worldwide
• B) Our current resources would run out quickly
• C) Violent conflicts would decrease because basic needs would be met
• D) Economies would prosper
• E) More people would experience health problems because people in more prosperous countries experience more stress

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Definitions:

Endowment Effect

Tendency of individuals to value an item more when they own it than when they do not.

Reference Point

A basis or standard for evaluation, comparison, or judgment.

Original Endowment

The initial allocation of income, wealth, resources, or goods that an individual or economy possesses before engaging in trade or production activities.

Behavioral Economics

A field of study blending economics and psychology to explore how people make decisions, often deviating from rationality.