Positive externalities of technological change result from:
A. the common knowledge embodied in many technologies.
B. patents.
C. increasing returns to scale.
D. capital accumulation.
Answer: A
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Which of the following is correct when a price floor is set above the equilibrium price?
a. quantity supplied is less than quantity demanded at the set price b. quantity supplied is equal to quantity demanded at the set price c. at the set price there will be a shortage d. The market price is greater than the price floor e. quantity supplied exceeds quantity demanded at the set price
Since World War II, GATT has been responsible for reducing the average tariff among member countries from about
a. 40 percent to about 5 percent. b. 40 percent to about 20 percent. c. 80 percent to about 20 percent. d. 20 percent to about 10 percent.