When economists view technological change as internal to the economy, they mean that it:
A. occurs randomly.
B. occurs accidentally.
C. arises deliberately from the profit motive and competition.
D. arises mainly from government subsidies.
Answer: C
Economics
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The smaller the percentage of voters required for collective action, the higher the external costs
a. True b. False
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Which of the following transactions takes place in the markets for the factors of production in the circular-flow diagram?
a. Dylan receives a salary for his work as a financial analyst for an investment firm. b. Kristin buys two business suits to wear to her job as a Chief Information Officer. c. Jim receives clean water in his home in exchange for paying his water bill. d. Caroline owns a nail salon and receives payments from her clients for her services.
Economics