Research into New Technologies

question 534

Multiple Choice

Research into new technologies

• A)provides positive externalities because it creates knowledge others can use.
• B)results in negative externalities because government funding for research causes less government spending in other areas.
• C)is protected by patent laws, which eliminates the need for government intervention.
• D)should only be funded by the corporations that will receive the profits from the research.

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Definitions:

Labor Force Statistics

Data and metrics that provide information about the employment and unemployment rates, workforce composition, and other labor market indicators.

Efficiency Wages

Wages set above the equilibrium level by employers to increase worker productivity, discourage turnover, and reduce shirking.

Efficiency-Wage Theory

A theory suggesting employers pay above the market equilibrium wage to increase worker productivity.

Economic Theory

The study of how societies use scarce resources to produce valuable commodities and distribute them among different people.