Asked by Sukhkaran Dhaliwal on May 09, 2024
Verified
One reason that governments may find it useful to sponsor universities and basic research is that to a large extent knowledge is generally a private good.
Private Good
A type of good that is both excludable and rival in consumption, meaning access to the good can be limited by a seller and its use by one person diminishes the availability to others.
Basic Research
Investigative study aimed at gaining a comprehensive understanding of the fundamental aspects of phenomena without immediate commercial goals.
- Identify the role of production factors in causing variations in economic growth among nations.
- Acknowledge the role that human and physical capital play in enhancing productivity.
Verified Answer
BH
Brooke HutchinsMay 14, 2024
Final Answer :
False
Explanation :
Knowledge is often considered a public good because once it is produced, it can be widely shared and used by others without diminishing its value, and it is difficult to exclude others from its benefits.
Learning Objectives
- Identify the role of production factors in causing variations in economic growth among nations.
- Acknowledge the role that human and physical capital play in enhancing productivity.