24. In countries with well-developed economies, economic growth tends to:

Question

BlackTom AI · Accepted Answer

Diminishing marginal utility of income and saturation of basic needs explain why additional growth in rich countries brings only small gains: once most citizens have access to food, shelter, health care, and basic education, extra GDP raises welfare by smaller increments.

1) Relevant knowledge points and concepts
- Marginal utility of income: each extra dollar produces less additional well‑being at higher income levels.
- Convergence and stages of development: low‑income countries gain large benefits from growth (basic infrastructure, health), while high‑income countries see growth translate into more discretionary consumption and incremental improvements.
- Structural composition: advanced economies are service‑ and knowledge‑based, where more output often reflects higher prices, quality improvements, or financial returns rather than large increases in physical welfare.
- Externalities and distribution: growth can raise inequality or environmental costs, so aggregate GDP increases do not necessarily produce large widespread benefits.

2) Step‑by‑step reasoning
Step 1: Start from a high baseline of consumption and public services in well‑developed economies.
Step 2: Apply the marginal utility principle: the next unit of income yields less utility than the previous one.
Step 3: Recognize that many remaining gains are non‑basic (luxuries, small quality improvements) or captured by specific groups.
Step 4: Conclude that aggregate economic growth therefore tends to produce only minor additional benefits for the average person.

3) Calculations
No numerical calculation is required; reasoning is qualitative based on marginal effects.

4) Why the correct answer is correct
Answer (a) “have minor benefits” matches the economic principle that additional growth in rich countries raises welfare only modestly because basic needs are already met and marginal improvements are smaller.

5) Why other options are incorrect
(b) “diminish” misstates the outcome—growth does not shrink in benefit over time as a rule; rather benefits are smaller per unit (not that growth itself diminishes). (c) “create limitless resources” contradicts scarcity; growth does not convert limited resources into limitless ones.

Conclusion: Therefore, the correct choice is a. have minor benefits, matching the provided answer.

24. In countries with well-developed economies, economic growth tends to:单项选择题

类似问题

24. In countries with well-developed economies, economic growth tends to:

24. In countries with well-developed economies, economic growth tends to:

Based on the information you have so far, you know that the economy is [ Select ] at above below its steady state and GDP per capita is growing at [ Select ] a positive rate a negative rate a rate of zero at time t.

In the long run, the change in the trajectory above features [ Select ] level effect and [ Select ] growth effect.

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