What does research into new technologies lead to?
a) It provides positive externalities because it creates knowledge others can use.
b) It results in negative externalities because too many resources are used for the small benefits received by society.
c) It results in negative externalities because government funding for research leads to cuts in government spending in other areas.
d) It provides positive externalities because it increases profits for the company that receives government funding for research.
Ans: a) It provides positive externalities because it creates knowledge others can use.
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If there is an increase in market demand in a perfectly competitive market, then in the short run
a. there will be no change in the demand curves faced by individual firms in the market b. the demand curves for firms will shift downward c. the demand curves for firms will become more elastic d. market supply will fall e. profits will rise
Increases in productivity in the United States since 1929 are mostly due to:
A. Increases in the quantity of labor. B. Increases in the number of U.S. firms. C. Research and development. D. The high salaries paid to workers
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
If you generate a new idea that has not been implemented yet by anyone else, and the idea offers a more profitable use of some resource, it is likely an example of:
A. a goal other than profit. B. intervention. C. innovation. D. market failure.