Asked by Siavash Namdari on Jun 30, 2024
Verified
The growth experiences of oil-rich countries indicate that _____.
A) a large supply of natural resources helps in the industrialization of the countries
B) natural resources are not enough to create a modern industrial economy
C) low productivity is a result of low income
D) unemployment and underemployment reflect inefficiencies of labor
E) education makes people more receptive towards new ideas and methods
Industrial Economy
An economy characterized by a significant weight of manufacturing, infrastructure, and services related to the processing and production of goods.
Oil-Rich Countries
Nations with significant proven reserves of petroleum, often deriving a major part of their revenue from oil exports.
Natural Resources
Raw materials or substances occurring in nature that can be used for economic gain, such as minerals, forests, and water.
- Examine how natural resources influence economic prosperity.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
B
Explanation :
The growth experiences of oil-rich countries indicate that natural resources are not enough to create a modern industrial economy. These countries often suffer from the "resource curse" where their economies become overly reliant on exporting raw materials and fail to diversify into other sectors that can lead to sustained growth and development.
Learning Objectives
- Examine how natural resources influence economic prosperity.