Which of the following is hypothesized to explain the reduction in the rate of technological progress?
A) measurement error
B) the increase in the size of the service sector
C) a reduction in R&D spending
D) all of the above
E) none of the above
D
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The above figure shows the U.S. market for 1 carat diamonds. With free trade, U.S. production of diamonds is equal to ________ diamonds. When the quota illustrated in the figure is in place, U.S. production is equal to ________ diamonds
A) 300,000; 100,000 B) 100,000; 500,000 C) 300,000; 500,000 D) 100,000; 300,000 E) 900,000; 700,000
Free riding is not a problem in the market for a private good because
A) people who do not pay for the good can be excluded from consumption. B) the good is a rival good. C) the market eliminates the problem of externalities. D) The question errs because free riding is a problem in providing private goods.