Which is of the following statements is correct?
A. If demand increases, then price will decrease
B. If demand decreases, then price will decrease
C. If price increases, then demand will decrease
D. If price decreases, then demand will decrease
Answer: B
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In economics, the practical application of an invention is known as
A) innovation. B) entrepreneurship. C) physical capital. D) technology.
Technological knowledge refers to
a. human capital. b. available information on how to produce things. c. resources expended transmitting society's understanding to the labor force. d. All of the above are technological knowledge.
Which of the following statements is true?
A. "Extreme poverty" refers to an income of less than $2 per day. B. U.S. GDP per capita is five times larger than the world average. C. The poorest nations of the world have average incomes of $5,000. D. According to world standards, 12 percent of Americans are poor.
Briefly explain the benefits-received principle and why it does not work well for pubic goods. Give an example that is not in the text.
What will be an ideal response?