Which of the following is NOT associated with the new growth theory?
A. technology
B. research
C. natural resources
D. innovation
Answer: C
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In the Solow growth model, a change in the capital-labor ratio is equal to
A) (saving - investment). B) saving + depreciation). C) (investment - depreciation). D) (capital stock - labor force).
Which of the following can be said about a monopoly?
a. Monopolies are always inefficient and are therefore the least desirable form of market. b. They can cause a shift in the demand curve to benefit society. c. They may aid in innovation. d. All of the above are correct.
A major criticism of industrial regulation is that:
A. it has been applied to virtually all major U.S. corporations in the post-Second World War period. B. marginal cost pricing has created an underallocation of resources. C. by allowing a fair return price, it gives natural monopolists little incentive to contain costs. D. regulatory commissions have frequently caused natural monopolies to go bankrupt.
All of the following statements about asymmetric information are true except
A. asymmetric information occurs when one party to a transaction has relevant information to the transaction that the other party does not have. B. asymmetric information occurs in the market for used cars and in the insurance market. C. asymmetric information creates market failures because it makes it harder for individuals to engage in transactions that would take place in the presence of perfect information. D. asymmetric information can only be solved through government intervention.