Governments should support research and development efforts because such efforts ______.
a. promote international economic equilibrium
b. are usually popular with the general public
c. reduce the need for free international trade
d. can result in innovations that promote rapid economic growth
d. can result in innovations that promote rapid economic growth
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All but the most primitive societies use money as a medium of exchange, implying that
A) the use of money is economically efficient. B) barter exchange is economically efficient. C) barter exchange cannot work outside the family. D) inflation is not a concern.
Which of the following is NOT a disadvantage of exchange-rate targeting?
A) It relies on a stable money-inflation relationship. B) The targeting country gives up an independent monetary policy. C) The targeting country is left open for a speculative attack. D) It can weaken the accountability of policymakers.
The maximum likelihood estimation method produces, in general, all of the following desirable properties with the exception of
A) efficiency. B) consistency. C) normally distributed estimators in large samples. D) unbiasedness in small samples.
Two resource inputs, capital and labor, are complementary and used in fixed proportions. An increase in the price of capital will:
A. Increase the demand for labor B. Decrease the demand for labor C. Decrease the quantity demanded for labor D. Have no effect because the relationship is fixed