Research in Basic Science Aims to

question 50

Multiple Choice

Research in basic science aims to

• A) solve real-world problems, without concern about understanding the phenomena in its own right.
• B) understand simple questions in science.
• C) solve difficult questions in science.
• D) understand a phenomenon in its own right, without concern about real-world issues.

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Definitions:

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, due to the scale of operation increasing.

Opportunity Cost

The abandonment of potential improvements from other possibilities once one choice is made.

Absolute Advantage

A country's ability to produce a good more efficiently than other countries, requiring fewer resources for the same output.

Autarky

National self-sufficiency; no economic interaction with foreigners.