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Practice mode Natural Resources and the Environment Toward Sustainable Development

How are land and natural resources usually classified in economics?

Correct answer B. Non-producible

Explanation

Land and natural resources are given by nature and cannot be manufactured by human effort, so they are treated as non-producible factors, unlike capital, which is produced.

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Question 04 Natural Resources and the Environment Toward Sustainable Development

Consider these possible effects of growth in the booming export sector: I. It reduces the price of foreign exchange. II. It slows other sectors’ growth by reducing incentives to export other goods. III. It reduces incentives to substitute domestic goods for imports. IV. It raises factor and input prices for non-booming sectors. Which of them does Michael Roemer’s three-sector model identify?

Correct answer D. I, II, III and IV

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