Certain countries remain backward because they nurture superstition and are suspicious of new technology. This argument is based on the:
A) geography hypothesis. B) location hypothesis.
C) culture hypothesis. D) capital hypothesis.
C
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Which of the following statements is CORRECT?
A) Taken together, expenditures on national defense and on income security and health programs now account for less than half of all federal government spending. B) Expenditures on national defense now account for more than twice as much federal government spending as expenditures on income security and health programs. C) Since the mid-1940s, expenditures on national defense have increased considerably as a percentage of total federal government spending. D) Since the mid-1940s, expenditures on income security and health programs have increased considerably as a percentage of total federal government spending.
Capital, K, includes
A) money. B) machinery. C) business loans. D) know-how.
The price of CDs is $15 and the price of pizzas is $10. Derek spends all of his income buying 2 CDs and 6 pizzas per week (and nothing else). Determine Derek's income, draw his budget line and represent his utility-maximizing point using an indifference curve.
What will be an ideal response?
In the 19th century John Deere took out a patent on a newly designed plow that incorporated steel to make plowing faster. Many farmers bought plows from his company and he made millions. This example shows that patents turn an idea into a
a. public good. b. societal good. c. private good. d. normal good.