Game theory suggests that, in the absence of patents, the privately motivated innovation decisions of firms might lead to:
A. too much innovation.
B. the socially efficient level of innovation.
C. too little innovation.
D. None of the answers is correct.
Answer: C
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If the rate of productivity growth in the United States exceeds the rate of productivity growth in Great Britain we would expect the U.S. dollar to depreciate in value against the British pound
Indicate whether the statement is true or false
Which is the best example of specialization?
A) a high school math teacher who teaches only calculus B) a firm that produces both luggage and cooking oil C) a person whose job includes accounting, personnel, and maintenance tasks D) a high school math teacher who teaches algebra and calculus
The official poverty definition in the U.S. is having an income that
a. provides minimum biological needs b. is less than three times the cost of a nutritionally adequate yet frugal diet c. places the household in the bottom 20 percent of the income distribution d. is less than the average U.S. welfare allowance e. is approximately equal to the average household income of Canada
The skills and knowledge possessed by workers are referred to as
a. labor capital b. human technology c. labor tools d. labor technology e. human capital