ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Countries that have a lot of natural resources are able to use them to produce goods & services at a lower price than those who do not
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Countries that have a lot of natural resources are not capable of selling these items to other countries.
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Countries that have a lot of natural resources are generally poor and do not do well economically.
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Countries get rid of all of their natural resources to create arable land.
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Detailed explanation-1: -They contribute towards fiscal revenue, income, and poverty reduction. Sectors related to natural resources use provide jobs and are often the basis of livelihoods in poorer communities. Owing to this fundamental importance of natural resources, they must be managed sustainably.
Detailed explanation-2: -How the Resource Curse Works. The resource curse is a paradoxical situation in which countries with an abundance of non-renewable natural resources experience stagnant economic growth or even economic contraction.
Detailed explanation-3: -When there are natural resources and technology to develop them, a nation can develop industries, generate jobs, manufacture goods, carry out trade with other countries, increase the living standards and income levels of the people of a nation.
Detailed explanation-4: -One of the most well-known environmental impacts of unsustainable production and consumption is climate change, which is primarily caused by burning fossil fuels like coal, oil and gas to create the energy that powers economic activity.
Detailed explanation-5: -Some of the earth’s examples include fresh water, soil, timber, solar energy, and wind. Renewable resources can be replaced naturally, despite being depleted by humankind. On the other hand, non-renewable natural resources such as metal ores, fossil fuels, and earth minerals have a finite supply.