The process of research and development
A. always leads to useful products.
B. almost never leads to useful products.
C. often involves a waste of resources.
D. is usually conducted in governmental laboratories.
Answer: C
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The cross-price elasticity of demand measures the
A) percentage change in the quantity demanded of one good in one location divided by the price of the same good in another location. B) absolute change in the quantity demanded of one good divided by the absolute change in the price of another good. C) percentage change in the quantity demanded of one good divided by the percentage change in the price of another good. D) percentage change in the price of one good divided by the percentage change in the quantity demanded of another good.
The "ability-to-pay" principle of taxation is the normative idea that
A) an equitable tax system is one in which high income individuals should bear a greater burden of taxes than low income individuals. B) two individuals earning the same income should have equal ability to pay, all else constant. C) each individual should voluntarily contribute according to her ability to pay taxes. D) progressive taxes are more equitable than regressive taxes.
If there was no misperception effect, but there was a profit effect in the short run, then SRAS is ____ and LRAS is ____
a. upward sloping: vertical b. upward sloping; upward sloping c. vertical; vertical d. vertical; upward sloping
What to do about inflationary and employment problems in the economy? Conservative economists advocate
a. strong fiscal policy, particularly taxing luxuries b. strong monetary policy, particularly taxing luxuries c. no interference in the private sector d. that to pursue aggressive and consistent policy, the Federal Reserve System should become a department with the executive branch of government e. relying on trends in real business cycles to implement expansionary fiscal policy