Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue

Exercise 3

Resource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising because of technological improvements that allow more output to be produced for every unit of input used in production. What does this say about the likelihood of our running out of resources Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall L01