Discuss the meaning of the statement: “Human history teaches us that economic growth springs from better recipes, not just more cooking.”
Please provide the best answer for the statement.
Economic growth arises largely from increases in labor productivity (“better recipes”) rather than increases in the quantity of labor inputs (“more cooking”). Among the most important factors increasing labor productivity, accounting for some 40 percent of this factor, is technological advance. It includes not only new innovations in production but also better managerial techniques that improve the process of production.
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The longer a patent lasts,
A) the greater the potential economic profits available to an innovator. B) the lower the deadweight loss. C) the lower the average costs of production. D) the less innovation there will be.
As the price level falls,
a. the exchange rate falls, so net exports fall. b. the exchange rate falls, so net exports rise. c. the exchange rate rises, so net exports fall. d. the exchange rate rises, so net exports rise.
Which of the following is antitrust legislation?
A. Lanham Act B. Securities and Exchange Act C. Sherman Act and Lanham Act D. Sherman Act
If both supply and demand simultaneously decrease
A) the market clearing price definitely rises, and the equilibrium quantity definitely falls. B) the market clearing price definitely rises, and the effect on the equilibrium quantity is indeterminate. C) the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate. D) the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely falls.