It Is Impossible to Have Economic Growth Unless a Country

question 85

True/False

It is impossible to have economic growth unless a country or a region has abundant natural resources to sustain the growth.

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Definitions:

Voluntary Quota

A self-imposed limit on the quantity of goods a country exports or imports.

Elasticity of Supply

A measure of how much the quantity supplied of a good changes in response to a change in the price of that good.

Price Elasticity

The degree to which the demand for a good is responsive to changes in its price.

Tax Passed

Occurs when the burden of a tax is shifted from the entity legally responsible for it to another party, such as consumers.