The benefits from research and development activities
A) spill over to others, including foreign residents.
B) are limited to the firms investing in similar research and development projects.
C) are limited to the nation in which the research and development is taking place.
D) are limited to the firm winning a patent.
A
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Adam Smith's behavioral assumption about humans was that people
A) usually act in a rational, self-interested way. B) are consistently greedy. C) typically act irrationally. D) typically act randomly.
Japan is the largest trading partner of the United States
Indicate whether the statement is true or false
In an open economy, how many TVs will this country import?
A. 120,000 B. 60,000 C. 30,000 D. 90,000
Economic profit is the difference between
A. Total costs and total economic costs. B. Accounting profits and external costs. C. Accounting profit and explicit costs. D. Total revenues and total economic costs.