The difference between specific knowledge and general knowledge is that
a. the creation of general knowledge is usually more profitable for the creator.
b. specific knowledge is excludable, while general knowledge is not excludable.
c. general knowledge is excludable, while specific knowledge is not excludable.
d. general knowledge is rival in consumption, while specific knowledge is not rival in consumption.
b
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)Feb. 19612352.9(B)Dec. 19693571.4(C)Nov. 19703566.5(D)Nov. 19734151.1(E)Mar. 19754010.0Which of the following periods was an expansion?
A. November 1970 through November 1973 B. December 1969 through November 1973 C. November 1970 through March 1975 D. December 1969 through November 1970
Bank reserves include
A) vault cash and loans to bank customers. B) vault cash and deposits with the Federal Reserve. C) customer checking accounts and vault cash. D) deposits with the Federal Reserve and holdings of securities. E) loans to bank customers and deposits with the Federal Reserve.
A perfectly competitive firm will shut down in the short run when marginal revenue equals marginal cost at a price less than minimum average variable cost
a. True b. False Indicate whether the statement is true or false
When the U.S. price level decreases, we would expect a:
A. movement up along the aggregate supply curve. B. movement down along the aggregate demand curve. C. shift to the right of the aggregate demand curve. D. shift straight up of the aggregate demand curve.