The United States generally has a comparative advantage in the development of technology because it has:
A. patent laws, which no other country has.
B. large amounts of natural resources.
C. a disproportionate share of the world's best research universities.
D. the greatest need for new technology.
Answer: C
You might also like to view...
Holding other factors constant, if the income tax is replaced with a consumption tax so that saving is not taxed, then the real interest rate will ________ and the equilibrium quantity of saving and investment will ________.
A. increase; increase B. increase; not change C. decrease; increase D. increase; decrease
The average product of labor increases as output increases if _______
A. marginal product exceeds average product B. average product exceeds marginal product C. total product increases D. marginal product increases
If the value of the domestic currency depreciates:
a. Aggregate demand and aggregate supply rise. b. Aggregate demand rises and aggregate supply falls. c. Aggregate demand and aggregate supply fall. d. Neither aggregate demand nor aggregate supply change. e. None of the above.
Economic theory provides a basis for which variables are relevant and should be included in an econometric model. But econometrics provides tools to estimate ____ which tells us ____.
a. a model; the functional form that should be used b. causality; why it happens that way c. a parameter; how much or to what degree things change d. variables; the probability of a specific outcome