Paul Romer argues that a key feature of knowledge is
A) divisibility.
B) private ownership.
C) nonrivalry.
D) durability.
C
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The fraction of an industry's sales that are accounted for by the largest firms is called
A) the four-firm oligopoly ratio. B) the four-firm competition ratio. C) the four-firm industry ratio. D) the four-firm concentration ratio.
The poverty rate is defined as the percentage of the
A) population that is exempt from paying federal income taxes. B) population who qualify to receive welfare payments and food stamps. C) labor force that is poor according to the federal government's definition of poverty. D) population that is poor according to the federal government's definition of poverty.
Even if two competitive firms in the same market have different production technologies, they will each earn long-run zero profits. Why?
What will be an ideal response?
A person goes into a store and buys a computer for $1,210. In this case, price is acting as a
A) resource. B) good. C) rationing device. D) capital instrument. E) factor of production.