In medieval Europe an important technological advance was the use of the padded horse collar for plowing. Once this idea was thought of, other people used it. This illustrates that knowledge is generally a

The short-run Phillips curve shows that as the unemployment rate goes down, _____

a. unemployment benefit payments go up b. prices go down c. the Phillips curve shifts outward d. the inflation rate goes up e. there is no change in the rate of inflation

Which of the following is most likely to help promote the efficient use of resources and rapid economic growth?

a. high tariffs and imposition of other trade restrictions b. high marginal tax rates c. an open and competitive capital market d. high rates of inflation