Endogenous growth

Question 1

Charles Jones belives knowledge accumulation is the..

Answer 1

Desired outcome of entrepreneurial effort

Question 2

What are some examples of rivalrous goods?

Answer 2

• Lawyer services

- CD player

Question 3

What are some examples of Nonrivalrous goods?

Answer 3

• Computer code for a software application
• National defense
• Basic R&D

Question 4

If there is a fixed cost, setting the price of a good equal to marginal cost will result in:

Answer 4

Negative comments

Question 5

How can we measure the amount of ideas produced in an economy?

Answer 5

Patent counts

Question 6

Under the Romer model, technological progress and innovation is driven by:

Answer 6

Profits being generated and grown

Question 7

What does a steady state mean?

Answer 7

Along a balanced growth path

Question 8

What is the supply effect on ideas?

Answer 8

The greater the population, the more potential creators of ideas

Question 9

What is the Demand effect on ideas?

Answer 9

The greater the population, the larger the market for an idea, raising the return to research