Is basic research excludable? Is it rival in consumption? How do we classify basic research in terms of the four types of goods?
Basic research is neither excludable nor rival in consumption, so it is a public good.
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By forming a cartel the member firms can actually raise their profits
a. True b. False Indicate whether the statement is true or false
Which of the following is/are part of Fayol's 14 principles of management?
Answer the following statements true (T) or false (F)
1. The price elasticity of demand for most agricultural products is relatively low. 2. The increasing relative importance of agricultural exports has increased the instability of the demand for U.S. farm products. 3. An increase in the supply of farm products relative to the demand for them tends to cause farm incomes to decline. 4. Due to high fixed costs relative to variable costs in farming, farm production is quite sensitive to price-changes in the short run. 5. Technological advances have occurred throughout the history of agriculture, resulting in higher productivity but lower incomes to farmers.
Trends in economic growth of South Korea have been significantly different from the trends in economic growth of North Korea. This is primarily because
A) North Korea has inclusive institutions while South Korea has extractive institutions. B) quality of agricultural land is better in North Korea than in South Korea. C) quality of agricultural land is better in South Korea than in North Korea. D) South Korea has inclusive institutions while North Korea has extractive institutions.