Question

After introducing education into the R&D model of technological progress, we can conclude that:

Select one:

a. the lower the cost of education, the smaller the number of R&D workers and the greater the rate of technological progress.

b. the lower the cost of education, the greater the number of R&D workers and the greater the rate of technological progress.

c. the higher the cost of education, the greater the rate of technological progress.

Bill would like to buy a gift for Ann to convey his love for her. Which of the following areas of economics would most likely study this type of decision?

Select one:

a. asymmetric information

b. political economy

c. industrial organization

Crony capitalism is:

Select one:

a. preferential treatment that banks give certain customers.

b. the common ownership of banks and firms that seek loans.

c. the favoritism by financial firms towards borrowers who the bank has dealt with before.

d. All of the above.

Efforts to deal with child labor in the late twentieth century have been different from 19th century efforts to curb child labor in that:

Select one:

a. efforts to curb child labor are now directed through labor regulations while trade restrictions were usually used in the 19th century.

b. the political pressure for policies to curb child labor in the 20th century often came from groups outside the developing economies where the child labor occurs and sought policies by developed country governments to restrict trade.

c. child labor is now much more exploitative than it ever was in the 19th century.

Answer 1

1) the lower the cost of education, the greater the number of R&D workers and the greater the rate of technological progress.

(As per the economic growth and development , the introduction of education into R&D model of technological progress results in this)..

2) asymmetric information

(In this case Bill has more material information about Ann choice in any economic transaction)..

3) the favoritism by financial firms towards borrowers who the bank has dealt with before.

(Crony capitalist are given more money to repay their existing default loans in the act of favouritism by banks)..

4) efforts to curb child labor are now directed through labor regulations while trade restrictions were usually used in the 19th century.

(Labour standard act 1938, put limitations on child labour, as per employment children under 16 years of age prohibited from working in many sectors)..

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