Economics: The Basics 1st Edition by Mike Mandel

Exercise 1

Say whether each of the following statements is true or false.
a) The innovation wave of the first half of the 20th century included color television.
b) The manned space program has generated relatively few economic returns so far.
c) Moore's law calls for microprocessors to double in performance every 18-24 months.
d) The creation of new goods and services is a type of productivity-enhancing innovation.
e) In 2006 the United States spent $343 billion on research and development.
f) Basic research is done mostly by corporations.
g) Venture capital is one factor affecting the supply curve for innovative activities.
h) The availability of patent protection is one factor affecting the supply curve for innovative activities.