Offer a defense of economic growth.
What will be an ideal response?
The case for economic growth is compelling, especially for those countries who have a relatively low standard of living. Growth makes the scarcity problem less acute. Related to this issue, growth also makes it possible for nations to alleviate poverty. There are also nonmaterial considerations that result from economic growth such as the ability to increase one’s leisure time. Proponents of growth argue that growth and environmental protection can occur simultaneously and that the case for limiting growth in order to preserve the environment is a false issue. Growth is sustainable because the market system conserves scarce resources through higher prices.
You might also like to view...
The price elasticity of supply is calculated as the
A) percentage change in quantity supplied multiplied by the percentage change in price. B) percentage change in quantity supplied divided by the percentage change in price. C) percentage change in price divided by the percentage change in quantity supplied. D) percentage change in quantity supplied plus the percentage change in price.
Discounting allows comparisons of
a. money values and physical values. b. interest payments on borrowed funds and interest payments on loaned funds. c. money values received at different times. d. the quantities of outputs produced by different types of capital goods.