New growth theorists conclude that
A) invention is more important than innovation in spurring economic growth.
B) economic growth can continue as long as we keep coming up with new ideas.
C) rates of global economic growth are limited by the amount of raw materials available.
D) the amount of technological innovation in an economy is independent of the rewards offered for innovation.
B
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The market outcome in a duopoly with homogeneous products is similar to that in ________
A) a perfectly competitive market B) a monopolistically competitive market C) a monopoly D) an oligopoly with differentiated products
Answer the following statement(s) true (T) or false (F)
1. When a Clarke tax is used, the revenue collected may or may not cover the cost of providing the public good. 2. One problem with a Clarke tax is that although it may not cover the complete cost of a public good, it will never generate more than the cost of the good. 3. Social costs are equal to the costs imposed on others. 4. Social costs are felt by consumers but not by manufacturers. 5. All cars contribute positively to social gains.