Which of the following statement(s) is/are correct?
A. Only I
B. I and II
C. II and III
D. All of the above
Answer:D
Which of the following statement(s) is/are correct?
A. Only I B. I and II C. II and III D. All of the above
Explanation: Several economists saw natural resources as a way out of the low saving-low capital development trap. But with the benefit of hindsight, it has become clear that economies with abundant natural resources have actually tended to grow less rapidly than resource-scarce economies. Economic geographer Richard Auty coined the phrase “resource curse” in 1993 to describe this phenomenon; since then, it has been analysed in a number of studies such as Sachs and Warner (1995, 1999), Sala-i-Martin and Subramanian (2003) and Ross (2014).