Technology spillover occurs when
a. a firm passes the high costs of technical research on to society through higher prices.
b. a firm's research yields technical knowledge that is used by society as a whole.
c. the government subsidizes firms engaged in high-tech research.
d. copyright laws prohibit firms from profiting from the research of others.
b
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Suppose you had information on the sales of similar homes just east and just west of the boundary between two school districts. How could you use those data to estimate the value parents place on the quality of their children's schools?
What will be an ideal response?
In the United States, inheritance accounts for roughly ________ of income inequality
A) 50 percent B) 30 percent C) 20 percent D) 10 percent
If the marginal physical product of labor increases with the addition of new workers, it's because
a. labor specialization raises labor productivity b. the new workers are hired at lower wage rates c. the law of diminishing returns applies to new workers d. the supply curve of labor is upward sloping e. of the low productivity of capital
What does this equation represent? $2,000 for monthly rent and equipment leases / 400 units of output = $5
a. average variable cost b. average fixed cost c. diminishing marginal cost d. total average cost