If the price of automobiles rise, there will be a(n)
A. increase in the demand for mass transportation.
B. increase in the quantity of automobiles demanded.
C. decrease in the demand for mass transportation.
D. None of the answers are correct.
C. decrease in the demand for mass transportation.
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Sharing the results of applied research conducted under government sponsorship with the private sector, such as the development of the Global Positioning System (GPS), is an example of a government policy to promote economic growth by:
A. increasing the availability of natural resources. B. increasing physical capital. C. improving technology. D. increasing human capital.
As a result of a shortage,
A. Consumers increase demand for the product. B. Producers increase output and raise price. C. Government purchases decrease. D. Producers reduce supply.
A change in consumption spending caused by income changes is ________ change in spending, and a change in government spending that occurs to improve roads and bridges is ________ change in spending
A) an induced; an autonomous B) an expansionary; a contractionary C) an autonomous; an induced D) a contractionary; an expansionary
Knowledge capital is nonrival in the sense that
A) firms do not compete to be the first to develop new technologies. B) two people can use the same knowledge to develop and produce a product. C) no single company can be excluded from the benefits of new technologies. D) firms can benefit from the research and development of rival firms without paying for that benefit.