Question

Project 6:
Many thinkers believe that we are rapidly depleting our natural resources.
Assume that these are only two inputs (labour and natural resources)
producing two goods (wheat and gasoline) with no improvement in
technology over time. Show what would happen to the production
possibility curve over time as natural resources are exhausted. How
would invention and technological improvement modify your answer?
On the basis of this example, explain why it is said 'economic growth is
a race between depletion and invention'.​

Answer 1

Answer:

many thinkers believed that we are rapidly depleting our natural resources . assume that there are only two inputs labour and natural resources producing two goods wheat and gasoline with no improvement in technology over time . show what would happen to production possibility curve over time as natural resources are exhausted . how would invention and technological improvement modify your answer ? on the basis of this example explain why it is said economic growth is a race between depletion and invention

Explanation:

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