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Principles of Macroeconomics (Mind...

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781285165912

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781285165912
Chapter 12, Problem 3QCMC
Textbook Problem
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Most economists are _____ that natural resources will eventually limit economic growth. As evidence, they note that the prices of most natural resources, adjusted for overall inflation, have tended to _____ over time.

  1. a. concerned, rise
  2. b. concerned, fall
  3. c. not concerned, rise
  4. d. not concerned, fall

To determine
Natural resources and growth.

Explanation of Solution

Option (d)

Most economists are less or not concerned that natural resources will eventually limit how much the world's economies can grow. This is because, the rate of technological progress has historically outpaced the rate of natural resource use. Thus natural resource prices may exhibit substantial fluctuations in the short-run, but the prices of most natural resources tend to be stable or falling over time. Thus, option ‘d’ is correct.

Option (a)

With the technological progress outpacing the rate of use of natural resources; most economists are less concerned about it limiting the growth and the prices of it may be falling over time...

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