Which of the following correctly orders, highest to lowest, the relative magnitudes of U.S. spending by businesses on components of R&D?
A. Invention, basic research, innovation.
B. Invention, innovation, basic research.
C. Innovation, invention, basic research.
D. Basic research, invention, innovation.
Answer: C
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The aggregate demand curve shows
A) a direct relationship between changes in the price level and changes in real GDP. B) real GDP does not change as the price level changes. C) an inverse relationship between the price level and real GDP. D) an inverse relationship between changes in the price level and changes in nominal GDP.
Refer to the table shown. In trillions of dollarsConsumption3.5Investment1.2Government Purchases1.8Exports0.6Imports0.4What is the economy's GDP?
A. $7.1 trillion B. $6.7 trillion C. $6.5 trillion D. $6.1 trillion
Legislation to protect red-cockaded woodpeckers by making their trees off limits to loggers created incentives that resulted in the premature harvesting of trees the woodpeckers like to nest in. This is an example of which of the following?
a. Association or correlation is not causation. b. the fallacy of composition. c. the use of ceteris paribus conditions in economic analysis. d. Good intentions do not always lead to desirable outcomes; the problem of secondary effects.
Suppose a satellite radio signal can be received by any number of devices without the quality being diminished but that the devices are only activated when consumers pay a subscription. Which recognized characteristic of goods does not hold
A. morality. B. exclusivity. C. lucidity. D. rivalry.