Which of the following refers to efforts by businesses that focus on improvements in production technologies for existing products and on new production technologies for new or improved products?
A. Import competition
B. Diffusion
C. Research and development
D. Balanced growth
Answer: C
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If the price elasticity of demand for a product is 2.5, then a price increase of 1.5 percent decreases the quantity demanded by
A) 1.55 percent. B) 3.50 percent. C) 5.00 percent. D) 3.75 percent. E) 1.00 percent.
According to Pigou, the socially optimal quantity
a. is QO b. is QE c. eliminates area A+B+C+D. d. creates area E.
Barter occurs when you exchange
A) money for goods. B) goods for money. C) goods for other goods. D) one type of money, such as U.S. dollars, for a different type of money, such as Japanese yen.
When the ________ effect dominates the ________ effect, the labor supply curve is ________
A) income; substitution; vertical B) substitution; income; positively sloped C) income; substitution; negatively sloped D) substitution; income; horizontal