In the inverted-U theory of R&D:
A. process innovation and product innovation are inversely related.
B. technological change is inversely related to scientific discovery.
C. R&D expenditures rise continuously as a percentage of firms' sales as industry
concentration rises.
D. R&D expenditures first rise as a percentage of firms' sales as industry concentration
increases, but then fall as higher industry concentration occurs.
Answer: D
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Since the Social Security benefits of retirees are a function of the taxes paid by others, it is easy to predict that _____
a. older voters are likely to vote against higher taxes in exchange for higher benefits b. older voters are likely to vote for higher taxes in exchange for higher benefits c. older voters will be indifferent between higher taxes and higher benefits d. older voters will generally not get what they want
A firm's cost of production is affected by changes in
A. the available technology. B. input prices. C. profits. D. both a and b E. both b and c