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Which of the following is true about general knowledge?
a. It generates both a positive and a negative externality.
b. It does not generate any externalities.
c. It generates a negative externality.
d. It generates a positive externality.
As a result, private firms would not ? undertake the efficient amount of basic scientific research.
Which of the following policies has the United States adopted in response to this problem? Check all that apply.
a. Subsidizing research through the National Institutes of Health
b. Taxing revenue from the National Science Foundation
c. A progressive income tax
It is often argued that this policy increases the technological capability of American producers relative to that of foreign firms.
True or False: This argument is correct only if the knowledge provided by basic research is not rival in consumption.
a. True
b. False
♦ Relevant knowledge
General knowledge refers to the understanding of the various aspects that affect an area or specific topic. A person may be able to possess general knowledge of the field of geography or English and even in science. It’s different from having specific knowledge about the subject matter. It is possible to gain general knowledge in a variety of ways.
1 Answer