According to Romer
A. ideas drive economic growth.
B. capital drives economic growth.
C. invention drives economic growth.
D. government drives economic growth.
Answer: A
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"Higher ethanol production definitely and directly raises the price of corn," said USDA economist Ephraim Leibtag. In the short run, what is TRUE if the production of ethanol increases?
A) The demand for corn will increase. B) The supply of ethanol will decrease. C) The supply of corn will increase. D) The demand for ethanol will increase.
The full opportunity costs of production are calculated as the sum of both explicit and implicit costs
Indicate whether the statement is true or false
Refer to Figure 6.1. Assume that L1 represents the budget line before a price change. Point C represents the:
A. uncompensated effect on an increase in the price of soup.
B. compensated effect on a decrease in the price of soup.
C. uncompensated effect on a decrease in the price of soup.
D. compensated effect on an increase in the price of soup.
Snowpeak Ski Resort offers a price for a lift ticket that is barely over its marginal cost, but the high equipment rental fee keeps generating big profits. Which pricing strategy is the management using?
A. Two-part pricing B. Commodity bundling C. Cross-subsidization D. Price discrimination