The development of new products through research and development in new growth theory is important because
A. new patents are created.
B. society's scarce resources are being used when they could be used for current consumption.
C. there can be a positive impact on future growth.
D. it will lead to a reduction in the savings rate.
Answer: C
You might also like to view...
If the output of a firm is increased by one unit, the revenue addition is called
A. total revenue. B. average revenue. C. marginal revenue. D. economic profit.
The official Federal Reserve strategy for implementing its monetary policy objectives is spelled out in the
A. Federal Open Market Committee (FOMC) Directive. B. Federal Advisory Committee (FAC) Statement. C. Federal Reserve Bank Cooperative (FRBC) Proposal. D. Federal Reserve Board (FRB) Decree.
Vertical equity holds that
A. those with equal ability to pay should bear unequal tax burdens. B. those with equal ability to pay should bear equal tax burdens. C. those who benefit the most from governmental services should bear the higher tax burden. D. those with greater ability to pay should pay more.
Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price increases from $7 to $9 is
A. -1.16. B. -2.27. C. -1.60. D. -.63.