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The development of a strain of wheat that will yield two crops per year rather than one cr

The development of a strain of wheat that will yield two crops per year rather than one crop per year is an example of economic growth resulting from

A) capital accumulation.

B) increased gross investment.

C) technological progress.

D) an increase in per capita real income.


82) Economic growth will tend to be higher in a country that

A) has a low savings rate.

B) has an open economy that encourages the rapid spread of technology.

C) has an undeveloped system of property rights.

D) does not grant patents to investors.


83) A government grant that gives an inventor the exclusive right or privilege to make, use, or sell his or her invention is known as

A) a positive externality.

B) a negative externality.

C) a protectionism clause.

D) a patent.


84) Economists typically agree that the special position given to owners of patents tends to

A) reduce expenditures on research and development.

B) increase expenditures on research and development.

C) reduce economic growth.

D) reduce productivity.

85) With respect to open economies, those who study economic growth tend to believe that

A) the more closed an economy is, the higher the rate of growth the economy will experience.

B) trade tariffs tend to improve economic growth.

C) free trade encourages a more rapid spread of technology, and hence increases economic growth.

D) open economies tend to have access to smaller markets than do closed economies.


86) Traditionally, economists regarded improvements in technology as

A) the most important factor that helped explain economic growth, and basically the only factor that would cause economic growth.

B) an outside factor that helped explain economic growth.

C) an important factor in explaining economic growth that was due to economic forces that also could easily be explained.

D) unrelated to economic growth in any systematic way.


87) In Canada, a patent lasts

A) 7 years.

B) 14 years.

C) 20 years.

D) 24 years.


88) The benefits from research and development activities

A) are limited to the firm winning a patent.

B) are limited to the firms investing in similar research and development projects.

C) are limited to the nation in which the research and development is taking place.

D) spill over to others, including foreigners.

89) Economic growth may understate changes in real per-capita GDP if

A) the growth is accompanied by increasing congestion.

B) leisure time is also increasing.

C) the types of jobs generated feelings of alienation.

D) deflation is taking place.


90) Foreigners can benefit from Canadian research and development activity because

A) they ignore Canadian patent laws and steal the technology.

B) they can import the goods, obtaining inputs at lower cost than they would otherwise.

C) countries usually share patented ideas.

D) patents do a poor job of protecting the inventor.

Dec 07 2019 View more View Less

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