New Scientific Knowledge Mainly Comes from University and Government Laboratories

question 96

Multiple Choice

New scientific knowledge mainly comes from university and government laboratories, not private firms, because

• A) large corporations do not have funds available to channel toward basic research.
• B) government pays scientists higher salaries than do private firms.
• C) entrepreneurs find it difficult to secure venture capital to finance innovation.
• D) basic scientific principles, as such, cannot be patented and do not always have commercial applicability.

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Definitions:

Apples

Commonly used as an example in economics to represent a generic good, or referring to the fruit in various contexts.

Bromides

Commonplace remarks or clichés that lack originality or interest.

Platitudes

Overused statements or cliches that often lack originality or significance.

Pareto Efficient Allocation

A situation in economic theory where resources are allocated in such a way that it is impossible to make any one individual better off without making at least one individual worse off.