Question

Identify the correct statement. a. Neither the initial development process nor the sustained growth of an economy is dependent on a large natural resource base. b. An increase in labor input necessarily increases output per capita. c. Economic growth is usually measured by the annual percent change in the nominal output of goods and services per capita. d. Improvements in and greater stocks of land, labor, capital, and entrepreneurial activity shift the production possibilities curve inward. Oe. According to the Rule of 70, the number of years necessary for a nation to double its output is approximately equal to the nation's growth rate divided by 70.

Answer 1

Answer: true statement is:

Neither the initial development process nor the sustained growth of an economy is dependent on a large natural resource base

The initial development and sustained growth of an economy depend on the optimal allocation of the resources and their efficient utilization

Answer: an advantage of specialization is that it:

Gives countries the ability to be self – sufficient

Specialization makes countries more efficient