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Resource scarcity
a) explain the following economic terms:
1) Proved reserves
2) Resource pessimism
b) Regarding the course materials about Resource Scarcity, please explain why Simon won the bet, although the demand for each of five selected metals increased over the period 1980-1990.
c) briefly explain the following terms:
1) Hubbert Curves in producing oil
2) Resource Curse
d) What is Dutch Disease Effects and how can it lead to lower economic growth rates?
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