As with many public goods, determining the appropriate level of government support for the production of general knowledge is difficult because
a. patents correct for an unknown portion of the externality.
b. benefits are hard to measure.
c. members of Congress are often experts in the sciences.
d. the costs always exceed the benefits.
b
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If a vineyard wants to raise funds to purchase a new bottling machine, it does so in the
A) output market. B) product market. C) factor market. D) alcoholic beverages market.
The official dating of the most recent recession places its timing as
A) 2007. B) 2007-2009. C) 2008. D) 2008-2009.
The sales of firms can
A) flow with the business cycle. B) oppose the business cycle. C) be largely independent of the business cycle. D) all of these choices.
Suppose that one can read a graph that shows information about price and quantity of some product. Relying solely on the graph, is it possible to explain the relationship between the two variables?