Which of the following statements is correct?
a. By definition, all natural resources are nonrenewable.
b. Market prices give us reason to believe that natural resources are a limit to economic growth.
c. An economy must be blessed with ample quantities of natural resources if it is to be a highly productive economy.
d. Differences in natural resources can explain some of the differences in standards of living around the world.
d
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Changes in the price level
A) do not affect the level of aggregate supply in the long run. B) increase the level of aggregate supply in the long run. C) decrease the level of aggregate supply in the long run. D) increase the level of aggregate supply in the long run only at very high levels of output.
Contingency fees
a. are illegal in many countries. b. are calculated as a percentage of the total damage award. c. are similar to punitive damages. d. according to some reformers, should be increased to discourage further lawsuits. b. both a and b.