Questions: Your friend Owen is a bit of a pessimist. "The world already has 7 billion people," he says. "The population is growing too fast. Soon, there will be a food shortage-especially for people in undeveloped countries. They are too far behind modern times." Using what you've learned about economic growth, why might Owen be wrong? Owen overlooks the potential for technological progress to increase food production enough to keep pace with population growth. increasing marginal product of capital equipment used in the agricultural sector resulting in higher yields as more capital is used. choices societies can make to reduce the resources devoted to non-agricultural activities to increase the production of food. fact that we have limited resources available to devote to food production.

Your friend Owen is a bit of a pessimist. "The world already has 7 billion people," he says. "The population is growing too fast. Soon, there will be a food shortage-especially for people in undeveloped countries. They are too far behind modern times." Using what you've learned about economic growth, why might Owen be wrong?

Owen overlooks the potential for technological progress to increase food production enough to keep pace with population growth.
increasing marginal product of capital equipment used in the agricultural sector resulting in higher yields as more capital is used.
choices societies can make to reduce the resources devoted to non-agricultural activities to increase the production of food.
fact that we have limited resources available to devote to food production.
Transcript text: Your friend Owen is a bit of a pessimist. "The world already has 7 billion people," he says. "The population is growing too fast. Soon, there will be a food shortage-especially for people in undeveloped countries. They are too far behind modern times." Using what you've learned about economic growth, why might Owen be wrong? Owen overlooks the potential for technological progress to increase food production enough to keep pace with population growth. increasing marginal product of capital equipment used in the agricultural sector resulting in higher yields as more capital is used. choices societies can make to reduce the resources devoted to non-agricultural activities to increase the production of food. fact that we have limited resources available to devote to food production.
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Solution

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The answer is the first one: the potential for technological progress to increase food production enough to keep pace with population growth.

Explanation for each option:

  1. The potential for technological progress to increase food production enough to keep pace with population growth.

    • This is correct because technological advancements in agriculture, such as improved crop varieties, better irrigation techniques, and more efficient farming practices, have historically increased food production. These innovations can continue to help meet the demands of a growing population.
  2. Increasing marginal product of capital equipment used in the agricultural sector resulting in higher yields as more capital is used.

    • This is partially correct but not as comprehensive as the first option. While increasing capital in agriculture can lead to higher yields, it is the technological progress that often drives these improvements in capital efficiency.
  3. Choices societies can make to reduce the resources devoted to non-agricultural activities to increase the production of food.

    • This is not a sustainable or desirable solution. Diverting resources from other sectors to agriculture could harm overall economic growth and development. It is better to focus on improving agricultural productivity through technology.
  4. Fact that we have limited resources available to devote to food production.

    • This is incorrect because it supports Owen's pessimistic view rather than refuting it. The statement acknowledges the limitation of resources without considering the potential for technological advancements to overcome these limitations.

Summary: Owen's concern about a future food shortage due to population growth overlooks the significant role of technological progress in increasing food production. Historical and ongoing advancements in agricultural technology can help ensure that food production keeps pace with population growth, making his pessimism less justified.

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