What Is the Major Difference Between Applied and Basic Research

question 21

Multiple Choice

What is the major difference between applied and basic research?

• A) basic research takes longer to complete
• B) applied research is less important
• C) basic research is more traditional
• D) basic research has no immediate application

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Definitions:

Recessions

are characterized by a significant decline in economic activity spread across the economy, lasting more than a few months, visible in industrial production, employment, real income, and wholesale-retail trade.

Substitutes Goods

Products or services that can replace or be used in place of another to fulfill the same need or desire.

Complementary Goods

Products or services that are consumed together because the use of one enhances the use or value of the other.

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in consumers' income.