Government support of basic research by funding scientists through the National Science Foundation is an example of a government policy to promote economic growth by:
A. increasing human capital.
B. increasing physical capital.
C. increasing the availability of natural resources.
D. improving technology.
Answer: D
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A firm's demand for labor is known as a "derived demand" because:
a. the firm gains utility from hiring more labor. b. the amount of labor hired depends upon how much output the firm can sell. c. the wage rate paid to workers is derived from the market for labor. d. it's derived from the demand for capital.
The historical record indicates that foreign aid has
a. played a major role in helping formerly poor countries grow rapidly and achieve high income levels. b. re-enforced corrupt governments and policies that stifle productive activities. c. helped poor countries escape counterproductive policies imposed by authoritarian political leaders. d. promoted economic growth, but slowed the movement toward political democracy.
Consider firms operating in an industry where the own price elasticity of demand is infinite; that is, EQ,P = -?. Use this information to determine the type of industry in which these firms operate and the optimal advertising-to-sales ratio.
A. Monopolistic industry and 0 B. Perfectly competitive industry and 0 C. Perfectly competitive industry and ? D. Monopolistically competitive industry and ?
What word describes the goods and services that are used to produce outputs for a business?
A. Revenue B. Inputs C. Production D. Cost