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Chapter 22: Q2RQ (page 456)

Question. True or False: A DVC that has little in the way of natural resources is destined to remain poor.

Short Answer

Expert verified

The statement is false.

Step by step solution

01

Natural resource

Natural resources refer to those resources which a nation has due to its geographical or demographical advantage. These are resources that are present naturally and are not a result of human action; for example, minerals, water resources, and others.

02

Reason for the statement being false

The availability of natural resources is a factor that influences the economic growth of a nation. The better availability of natural resources can help accelerate economic growth, but the lack of availability of natural resources won鈥檛 make a country remain in the cycle of poverty.

In a world of free trade and open markets, those countries that lack the availability of natural resources will hire out it from other countries and find a solution to their issue. Japan is an example of this, which has achieved economic growth with limited resources.

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Most popular questions from this chapter

Question. A DVC鈥檚 population is growing 2 percent per year and output is growing 3 percent per year. If the government wants to improve living standards over coming decades, which of the following would probably be the best savings rate for the economy?

a. 2 percent.

b. 0 percent.

c. 10 percent.

d. 5 percent.

Question. Which of the following policies would economists consider to be actions by a DVC government that will improve growth prospects?

Choose one or more answers from the choices shown.

a. Helping to extend the banking system to the rural poor.

b. Passing high tariffs against foreign products.

c. Constructing better ports, roads, and Internet networks.

d. Charging high fees for public elementary schools.

As it relates to the vicious circle of poverty, what is meant by the saying, 鈥淪ome DVCs stay poor because they are poor鈥�? Change the box labels as necessary in Figure 22.3 to explain rapid economic growth in countries such as South Korea and Chile. What factors other than those contained in the figure might contribute to that growth?

Question. Assume a DVC and an IAC currently have real per capita outputs of \(500 and \)50,000, respectively. If both nations have a 3 percent increase in their real per capita outputs, by how much will the per capita output gap change?

Question. Compare a hypothetical DVC with a hypothetical IAC. In the DVC, average per capita income is \(500 per year. In the IAC, average per capita income is \)40,000 per year. If both countries have a savings rate of 10 percent per year, the amount of savings per capita in the DVC will be _____ per person per year, while in the IAC, it will be _______ per person per year

a. \(50; \)4000

b. \(5; \)400

c. \(450; \)36,000

d. None of the above
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