People who make the arguments that economic growth will deplete natural resources make the same assumption Malthus made about resources. What is that assumption?
a. Natural resources will never run out because they are freely available from nature
b. Natural resources cannot be produced, so they are available in fixed quantities.
c. That new technology will limit our dependence on natural resources so they won't be depleted.
d. That the government will eventually step in to save the natural resources from depletion.
b
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If the price elasticity of supply for a good is 0.75, then
A) the percentage change in the quantity supplied is less than the percentage change in price. B) the supply is elastic. C) an increase in the price boosts the quantity supplied by a larger percentage. D) the supply is inelastic so the demand must also be inelastic. E) None of the above answers is correct.
The neoclassical growth theory says, in part, that
A) a population explosion driven by economic growth will end economic growth. B) technological change leads to economic growth. C) the differences in nation's growth rates will persist indefinitely. D) technology does not play a role in economic growth.