One drawback to industrial policy is that
a. technology spillovers are too expensive to control.
b. measuring the size of spillovers from different markets is difficult.
c. spillovers often occur in industries that produce undesirable products for society.
d. positive side effects are often outweighed by negative side effects.
b
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Countries with different initial levels of per capita income may gravitate to a similar level of per capita income. Economists call this phenomenon ________
A) convergence B) simulation C) gravitation D) depreciation
When talking about demand, price elasticity refers to the
a. price flexibility in response to demand changes. b. adaptability of suppliers to price changes. c. responsiveness of buyers to price changes. d. ability to stretch one’s budget by making wise choices.