If firms in an industry are generating knowledge that other firms can use without paying for it, this industry is characterized by
A) social costs that exceed private costs.
B) social benefits that exceed private benefits.
C) social costs that exceed social benefits.
D) private benefits that exceed social benefits.
E) social benefits that undermine private benefits.
B
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The most comprehensive measure of aggregate output is
A) gross domestic product. B) net national product. C) the stock value of the industrial 500. D) national income.
New Keynesian economists
a. believe that the deviations of output below potential output during recessions are socially costly. b. presume that much unemployment is involuntary. c. attempt to improve the microeconomic foundations of the traditional Keynesian models, not challenge their major premises. d. Both a and c e. All of the above
Early Keynesians concluded that the quantity of money was not important because they assumed
a. low interest elasticity of money demand and high interest elasticity of the demand for output. b. high interest elasticity of money demand and low interest elasticity of the demand for output. c. high interest elasticity of money demand and high interest elasticity of the demand for output. d. both low interest elasticity of money demand and of the demand for output.
If you fall short of a certain minimum standard of living, you are poor; once you pass this standard, you are no longer poor. This refers to the ____ definition of poverty
a. average b. absolute c. relative d. threshold