Positive externalities of technological change result from:
A. the common knowledge embodied in many technologies.
B. patents.
C. increasing returns to scale.
D. capital accumulation.
Answer: A
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How would the real exchange rate need to change to get aggregate expenditure to increase?
A. Increase B. Decrease C. Remain constant D. Exchanges rates don’t generally affect aggregate expenditure.
Implied in new Keynesian theory is that when policy is correctly anticipated, there is a tradeoff between inflation and unemployment in
A) neither the short run nor the long run. B) both the short run and the long run. C) the short run, but not in the long run. D) the long run, but not in the short run.
Which of the following is characteristic of business cycles?
a) consumption displays greater volatility than GDP b) investment remains relatively stable throughout the business cycle c) the inflation rate is a leading indicator of recessions and expansions in GDP d) the unemployment rate is a leading indicator of recessions and expansions in GDP e) the growth rate of wages fluctuates less than the growth rate of GDP
All consumers in the market enjoy a consumer surplus.
Answer the following statement true (T) or false (F)