One Possible Way of Achieving Faster Economic Growth Is to

question 251

Multiple Choice

One possible way of achieving faster economic growth is to

• A)limit international trade.
• B)encourage international trade.
• C)limit research and development and concentrate on production of goods and services.
• D)abolish the system of patents and copyrights so that everyone can use people's ideas.
• E)let the government decide what research and development should be undertaken.

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Definitions:

Net Present Value

The difference between the present value of cash inflows and outflows over a period of time, used to evaluate the profitability of an investment.

Aversion To Ambiguity

A preference to avoid options for which the probability of outcomes is unknown, indicating a dislike for uncertain situations.

Gambler's Fallacy

The mistaken belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa.

False Consensus

The cognitive bias that leads people to overestimate the extent to which their beliefs, values, opinions, or habits are normal and typical of those of others.