Question 1

Which of the following would NOT encourage economic growth in the United States?

Accepted Answer

A)  The development of artificial intelligence, allowing computers to fill jobs formerly occupied by human beings. 
B)  A limit on the number of foreign citizens who are permitted to study in high-level research institutions in the United States. 
C)  The development of a better Internet search engine. 
D)  An improvement in shipbuilding technology that allows large cargo ships to be built at lower cost, reducing the cost of trading with other countries. 
A)  The development of artificial intelligence, allowing computers to fill jobs formerly occupied by human beings. 
B)  A limit on the number of foreign citizens who are permitted to study in high-level research institutions in the United States. 
C)  The development of a better Internet search engine. 
D)  An improvement in shipbuilding technology that allows large cargo ships to be built at lower cost, reducing the cost of trading with other countries.

Question 2

The immigration of skilled scientists and engineers from other nations will have which of the following effects?

Accepted Answer

A)  The demand curve for innovative activities will be pushed to the left, decreasing the amount of innovation. 
B)  The supply curve for innovative activities will be pushed to the left, increasing the amount of innovation. 
C)  The demand curve for innovative activities will be pushed to the right, increasing the amount of innovation. 
D)  The supply curve for innovative activities will be pushed to the right, increasing the amount of innovation. 
A)  The demand curve for innovative activities will be pushed to the left, decreasing the amount of innovation. 
B)  The supply curve for innovative activities will be pushed to the left, increasing the amount of innovation. 
C)  The demand curve for innovative activities will be pushed to the right, increasing the amount of innovation. 
D)  The supply curve for innovative activities will be pushed to the right, increasing the amount of innovation.

Question 3

Which of the following would NOT be an example of a technological change?

Accepted Answer

A)  The government passes a law expanding the funding available to NASA and other agencies concerned with the advancement of basic science. 
B)  A pharmaceutical company develops a new drug that effectively fights malaria. 
C)  A team of nuclear scientists develop a new way of generating nuclear power that is safer than the older methods but is more expensive to implement. 
D)  Google develops a new way to perform Internet searches that makes searches produce more relevant results. 
A)  The government passes a law expanding the funding available to NASA and other agencies concerned with the advancement of basic science. 
B)  A pharmaceutical company develops a new drug that effectively fights malaria. 
C)  A team of nuclear scientists develop a new way of generating nuclear power that is safer than the older methods but is more expensive to implement. 
D)  Google develops a new way to perform Internet searches that makes searches produce more relevant results.

Question 4

Which of the following best fits the definition of basic research?

Accepted Answer

A)  Research into a process that converts radioactive fly ash from coal-burning power plants into bricks. 
B)  Research into mosquito physiology to find vulnerabilities to be exploited by future pesticides. 
C)  A study of parallel universes. 
D)  Research into ultra capacitors that store electrical energy for use in hybrid vehicles. 
A)  Research into a process that converts radioactive fly ash from coal-burning power plants into bricks. 
B)  Research into mosquito physiology to find vulnerabilities to be exploited by future pesticides. 
C)  A study of parallel universes. 
D)  Research into ultra capacitors that store electrical energy for use in hybrid vehicles.

Question 5

Which of the following would be an example of applied research?

Accepted Answer

A)  Studies of the earth's climate 5,000 to 6,000 years ago. 
B)  Research into the use of new combustion techniques that could increase gas mileage in vehicle engines. 
C)  Research into the effects of zero-gravity environments on plant life. 
D)  Research into string theory in advanced subatomic physics. 
A)  Studies of the earth's climate 5,000 to 6,000 years ago. 
B)  Research into the use of new combustion techniques that could increase gas mileage in vehicle engines. 
C)  Research into the effects of zero-gravity environments on plant life. 
D)  Research into string theory in advanced subatomic physics.

Question 6

The immigration of skilled scientists and engineers from other nations pushes the supply schedule for innovation to the right,increasing the amount of innovation.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is NOT typically true of an innovation cluster?

Accepted Answer

A)  A major university is usually present. 
B)  The cluster has a pool of skilled labor that can move from one company to another. 
C)  Financial sources, like venture capital firms, tend to locate in the same area. 
D)  The chances of innovations occurring tend to decline as the innovation cluster gets larger and as the available talent is used up. 
A)  A major university is usually present. 
B)  The cluster has a pool of skilled labor that can move from one company to another. 
C)  Financial sources, like venture capital firms, tend to locate in the same area. 
D)  The chances of innovations occurring tend to decline as the innovation cluster gets larger and as the available talent is used up.

Question 8

A patent allows the inventor to prevent others from making or selling an invention for a period of years to encourage innovation.

Accepted Answer

A) True 
 B)False

Question 9

A productivity-enhancing innovation has the effect of

Accepted Answer

A)  shifting a supply curve to the right. 
B)  shifting a supply curve to the left. 
C)  shifting a demand curve to the right. 
D)  shifting a demand curve to the left. 
A)  shifting a supply curve to the right. 
B)  shifting a supply curve to the left. 
C)  shifting a demand curve to the right. 
D)  shifting a demand curve to the left.

Question 10

Allowing people to profit from their innovations has which of the following effects?

Accepted Answer

A)  Technological improvement will be slowed because people focus only on commercially viable projects instead of projects that are truly useful to society. 
B)  The rate of technological advancement will expand because people are encouraged to innovate by the hope of financial gain. 
C)  Resources will be diverted from other parts of the economy so that the economy as a whole suffers. 
D)  Society will benefit, but only to the extent that the profits from those innovations are taxed for the common good. 
A)  Technological improvement will be slowed because people focus only on commercially viable projects instead of projects that are truly useful to society. 
B)  The rate of technological advancement will expand because people are encouraged to innovate by the hope of financial gain. 
C)  Resources will be diverted from other parts of the economy so that the economy as a whole suffers. 
D)  Society will benefit, but only to the extent that the profits from those innovations are taxed for the common good.

Question 11

Which of the following would be an example of basic research?

Accepted Answer

A)  Studies of the atmosphere on Neptune. 
B)  Research into gene therapy to treat Alzheimer's disease. 
C)  Studies of circuit miniaturization for applications in computers. 
D)  A pharmaceutical company's research into a chemical compound that could reduce the growth rate of cancer cells. 
A)  Studies of the atmosphere on Neptune. 
B)  Research into gene therapy to treat Alzheimer's disease. 
C)  Studies of circuit miniaturization for applications in computers. 
D)  A pharmaceutical company's research into a chemical compound that could reduce the growth rate of cancer cells.

Question 12

The process by which new ideas spread from the original company to other businesses in the economy is called

Accepted Answer

A)  technological diffusion. 
B)  innovative revolution. 
C)  Moore's process. 
D)  patent dispersion. 
A)  technological diffusion. 
B)  innovative revolution. 
C)  Moore's process. 
D)  patent dispersion.

Question 13

China is the largest spender on research and development in the world (in total dollars or dollar equivalents).

Accepted Answer

A) True 
 B)False

Question 14

Economic studies show that the rate of return on research and development investment is very high,possibly yielding 25-50% a year.Why,then,are banks reluctant to lend to start-up firms investing in a new idea,and where do these firms get their capital?

Accepted Answer

While the rate of return is very high,th

Question 15

Suppose a new way of producing fireworks is developed,using different chemicals that do not release as many hazardous heavy metals into the environment.Which type of innovation is this?

Accepted Answer

A)  A quality-of-life innovation. 
B)  The creation of a new good or service. 
C)  A productivity-enhancing innovation. 
D)  Basic research. 
A)  A quality-of-life innovation. 
B)  The creation of a new good or service. 
C)  A productivity-enhancing innovation. 
D)  Basic research.

Question 16

Research into string theory in advanced subatomic physics would be an example of

Accepted Answer

A)  basic research. 
B)  applied research. 
C)  development. 
D)  technological regress. 
A)  basic research. 
B)  applied research. 
C)  development. 
D)  technological regress.

Question 17

Technological improvements are generally harmful to society because new machines replace human beings,causing increased unemployment.

Accepted Answer

A) True 
 B)False

Question 18

Scientific investigations that have no immediately obvious commercial applications are called

Accepted Answer

A)  basic research. 
B)  sterile research. 
C)  applied research. 
D)  diffused research. 
A)  basic research. 
B)  sterile research. 
C)  applied research. 
D)  diffused research.

Question 19

It took several decades for advances in computer technology to have a significant impact on the economy.This illustrates the fact that

Accepted Answer

A)  Many technologies need to mature before they reach the point where they can have an impact. 
B)  Technologies cannot have an impact until government regulation catches up. 
C)  People are initially irrationally suspicious of new technology and refuse to accept it until some time has passed. 
D)  New technology is not really needed; it tends to be a way for retailers to boost sales by selling people things they do not really need. 
A)  Many technologies need to mature before they reach the point where they can have an impact. 
B)  Technologies cannot have an impact until government regulation catches up. 
C)  People are initially irrationally suspicious of new technology and refuse to accept it until some time has passed. 
D)  New technology is not really needed; it tends to be a way for retailers to boost sales by selling people things they do not really need.

Question 20

Which of the following technological breakthroughs failed to deliver many economic benefits?

Accepted Answer

A)  Antibiotics. 
B)  Automobiles. 
C)  Manned space travel. 
D)  Computers. 
A)  Antibiotics. 
B)  Automobiles. 
C)  Manned space travel. 
D)  Computers.

Which of the following would NOT encourage economic growth in the United States?

The immigration of skilled scientists and engineers from other nations will have which of the following effects?

Which of the following would NOT be an example of a technological change?

Which of the following best fits the definition of basic research?

Which of the following would be an example of applied research?

The immigration of skilled scientists and engineers from other nations pushes the supply schedule for innovation to the right,increasing the amount of innovation.

Which of the following is NOT typically true of an innovation cluster?

A patent allows the inventor to prevent others from making or selling an invention for a period of years to encourage innovation.

A productivity-enhancing innovation has the effect of

Allowing people to profit from their innovations has which of the following effects?

Which of the following would be an example of basic research?

The process by which new ideas spread from the original company to other businesses in the economy is called

China is the largest spender on research and development in the world (in total dollars or dollar equivalents).

Economic studies show that the rate of return on research and development investment is very high,possibly yielding 25-50% a year.Why,then,are banks reluctant to lend to start-up firms investing in a new idea,and where do these firms get their capital?

Suppose a new way of producing fireworks is developed,using different chemicals that do not release as many hazardous heavy metals into the environment.Which type of innovation is this?

Research into string theory in advanced subatomic physics would be an example of

Technological improvements are generally harmful to society because new machines replace human beings,causing increased unemployment.

Scientific investigations that have no immediately obvious commercial applications are called

It took several decades for advances in computer technology to have a significant impact on the economy.This illustrates the fact that

Which of the following technological breakthroughs failed to deliver many economic benefits?

Introduction

Demand and Supply: The Basics of the Market Economy

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

Government and the Economy

The First Step Into Macroeconomics

Inflation

Growth

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters

Exam 15: Technological Change

Which of the following would NOT encourage economic growth in the United States?

The immigration of skilled scientists and engineers from other nations will have which of the following effects?

Which of the following would NOT be an example of a technological change?

Which of the following best fits the definition of basic research?

Which of the following would be an example of applied research?

The immigration of skilled scientists and engineers from other nations pushes the supply schedule for innovation to the right,increasing the amount of innovation.

Which of the following is NOT typically true of an innovation cluster?

A patent allows the inventor to prevent others from making or selling an invention for a period of years to encourage innovation.

A productivity-enhancing innovation has the effect of

Allowing people to profit from their innovations has which of the following effects?

Which of the following would be an example of basic research?

The process by which new ideas spread from the original company to other businesses in the economy is called

China is the largest spender on research and development in the world (in total dollars or dollar equivalents).

Economic studies show that the rate of return on research and development investment is very high,possibly yielding 25-50% a year.Why,then,are banks reluctant to lend to start-up firms investing in a new idea,and where do these firms get their capital?

Suppose a new way of producing fireworks is developed,using different chemicals that do not release as many hazardous heavy metals into the environment.Which type of innovation is this?

Research into string theory in advanced subatomic physics would be an example of

Technological improvements are generally harmful to society because new machines replace human beings,causing increased unemployment.

Scientific investigations that have no immediately obvious commercial applications are called

It took several decades for advances in computer technology to have a significant impact on the economy.This illustrates the fact that

Which of the following technological breakthroughs failed to deliver many economic benefits?

Introduction

Demand and Supply: The Basics of the Market Economy

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

Government and the Economy

The First Step Into Macroeconomics

Inflation

Growth

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters