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51) A government protection for an inventor that provides the inventor with the right to make use of her invention in any way she desires is

A) an innovation.

B) a copyright.

C) a patent.

D) a trademark.

52) One of the implications of new growth theory is that economic growth arises from

A) limits on international trade.

B) investments in knowledge.

C) financial safety nets for the poor, such as Medicaid.

D) reductions in the birth rate.

53) New growth theorists conclude that

A) invention is more important than innovation in spurring economic growth.

B) the amount of technological innovation in an economy is independent of the rewards offered for innovation.

C) rates of global economic growth are limited by the amount of raw materials available.

D) economic growth can continue as long as we keep coming up with new ideas.

54) The development of human capital

A) is a form of investment.

B) does not appear to enhance economic growth.

C) enhances economic growth, but it does not improve the productivity of the labor force.

D) enhances economic growth, but the individuals acquiring the capital are not made better off themselves.

55) Which of the following factors are considered under "new growth theory"?

A) technology

B) research

C) innovation

D) All of the above are correct.

56) When considering international trade, which of the following would be most conducive to domestic economic growth?

A) a closed economy

B) an economy in which its domestic industries are protected by tariffs

C) an economy with free and open markets to the outside world

D) an economy in which most decisions are made by a central governmental authority

57) The new growth theory examines the role of

A) technology in economic growth.

B) natural resources in economic growth.

C) exports in economic growth.

D) government in economic growth.

58) The new growth theory of economic growth examines the interaction of

A) labor and population.

B) regulations and capital expansion.

C) resources and labor productivity.

D) technology, research, and innovation.

59) A patent is a government protection that gives

A) consumers the right to sue when products are unsafe.

B) inventors exclusive rights to their product for a time.

C) monopolies the right to be sole producers due to economies of scale.

D) companies the right to produce any good they choose.

60) The reason that the government offers inventors exclusive rights to their product for a period of time is to

A) reduce market concentration.

B) increase profits of certain companies.

C) maximize consumer utility.

D) promote innovation.


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