HW2-10 (1) - Econ 1500 Ideas and the New Economy 1...

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Econ 1500: Ideas and the New Economy 1. Technological progress is encouraged by: . the patent system. . tax incentives for research and development. . government subsidies for research. . all of the above. 2. Which of the following reasons would theoretically justify a government subsidy to investment in certain areas: . a decline in the rate of investment in these areas. . the identification and measurement of technological externalities in capital accumulation in these areas. . a decline in the real interest rate in the economy. . all of the above. 3. What two elements account for total factor productivity growth? a._____________ b. _____________ 4. What are two special characteristics about technology? a. ______________ b. ______________ 5. True/False: Non-rivalness implies that you and I can use the good at the same time without hurting or using-up the good. 6. True/False: The standard goods and services that we usually describe in economics and business are non-rival goods. 7. Non-rivalness has two important implications a. It implies that production functions have ____________________ b. What does it imply about pricing?
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