QUESTION 1 (Question b and c need to be solved) 1.a) Describe what is the difference between innovation and invention. 1.b) Describe the different types of innovation usually identified by economic and business studies. 1.c) Innovation has been frequently described in formal mathematical models as a linear process. Do you agree with this view? Articulate your answer by considering the major properties of the innovation process as discussed during the ECON1165 module.
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QUESTION 1 (Question b and c need to be solved)
1.a) Describe what is the difference between innovation and invention.
1.b) Describe the different types of innovation usually identified by economic and business studies.
1.c) Innovation has been frequently described in formal mathematical models as a linear process. Do you agree with this view? Articulate your answer by considering the major properties of the innovation process as discussed during the ECON1165 module.
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- This is not a writing assignment, this is a multiple-choice question Which of the below examples of government involvement does NOT lead to economic growth, according to Wheelan? Group of answer choices Governmento upholds intellectual and physical property rights and eliminates ambiguous and unclear property rights. Government provides as public goods items that are good for society but have a free rider problem that could lead to crippling costs to private enterprise if they provided them. Government provides uniform rules and regulations such as contract law, roots out fraud and ciculates a sound currency with relatively stable value. Government redistributes income and wealth from the rich to the poor such that income disparity is eliminated, and everyone makes about the same amount regardless of their ability or effort.Question 04: Positive or Normative statements? Indicate whether each of the following statements is a positive or normative economic statement: Statement from our Illinois Senators websites… Dick Durbin's website: America now owes over $14 trillion to our creditors. Referring to the above statement Durbin states: This is simply unsustainable. Tammy Duckworth's website: The Family and Medical Leave Act, known as FMLA, [gives] some new parents the opportunity to take up to 12 weeks of unpaid leave. Duckworth later states: we should pass common-sense legislation to make the workplace more accommodating for working parents. Question 5 options: A) in order: positive, positive, normative, normative B) in order: normative, positive, normative, positive C) in order: positive, normative, positive, normative D) in order: normative, normative, positive, positiveIn terms of spending, once it is recognized that resources are limited, there is the macro decision regarding how much the state should be spending on healthcare in total. Then there is the micro question of where and how this money should be spent, and this issue essentially concerns factor substitution and opportunity cost. A number of trade-offs are relevant here, and some examples are discussed in the following paragraphs. Beds versus equipment. Treatments are much more capital-intensive than they used to be in past decades, owing to improved technology. This has the effect of reducing hospital-stay times, and 60 per cent of patients are now in and out of hospital in less than a day compared with weeks or months previously. This can reduce the need for beds compared with equipment. Drugs versus hospitals. Health authorities may be under pressure to provide expensive drugs, for example beta interferon for the treatment of multiple sclerosis. This forces unpleasant choices. Morgan,…
- Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. Coconuts (in tons) Mangoes (in tons) Zeetopia 50 60 Freshland 50 30 (a) Which island has an absolute advantage in producing coconuts? Explain. (b) Which island has a comparative advantage in producing coconuts? Explain. (c) Assume Zeetopia and Freshland decide to specialize according to their comparative advantages and 1 ton of coconuts is exchanged for 1 ton of mangoes. Are specialization and trade under these terms beneficial to both Zeetopia and Freshland? Explain. (d) Assume the two islands experience constant…Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. Coconuts (in tons) Mangoes (in tons) Zeetopia 50 60 Freshland 50 30 (a) Which island has an absolute advantage in producing coconuts? Explain. (b) Which island has a comparative advantage in producing coconuts? Explain. (c) Assume Zeetopia and Freshland decide to specialize according to their comparative advantages and 1 ton of coconuts is exchanged for 1 ton of mangoes. Are specialization and trade under these terms beneficial to both Zeetopia and Freshland? Explain. (d) Assume the two islands experience constant…Which of the following statements is accurate regarding entrepreneurs? Economic changes can be both good and bad for entrepreneurs. The only asset a person needs to be a successful entrepreneur is a willingness to take risks. If a business fails, the government will be responsible for any losses. Entrepreneurs need to have a college degree to start a business.
- Paper 1 is part of a 3-paper assignment considering the relationship, if any, between state restriction policies and infection rates. We are interested in this because economists now believe that controlling the pandemic is a key to economic growth. Our ultimate question (Paper 3) is whether state restrictive policies were a useful tool to control infections. But first we need to describe what economists believe concerning the relationship between economic growth and the pandemic, and what the evidence is. That is the purpose of Paper 1. The required elements: Explain the belief that the economy cannot grow unless the pandemic is controlled. This must be based on outside sources which must be cited. Media sources are appropriate. Provide evidence on economic growth in 2021 that shows how the economy changed—considering element 1. This must be cited as well. Media sources and/or data sources can be used.QUESTION 2 2.a) Provide a definition of ‘technological capability’ and ‘social capability’ and describe the differences between them (5 points). Why can we say that innovation has a ‘systemic’ nature? (3 points). 2.b) Financial development, social capital, favourable business regulation, trade openness are different aspects of ‘social capability’ influencing innovation processes and, therefore, economic development. Make a ranking of these factors according to their observed degree of importance for economic development (3 points). Explain why ‘inclusiveness’ and ‘equality in opportunities’ can strengthen the innovation capability of an economy (5 points). 2 2.c) Figure 1 below shows the cross-country correlation between the development of the education system and the level of economic development. Analyse Figure 1 by arguing about the importance of the education system for economic development in low, emerging, and developed countries (9 points).Question #2. Attached (below) is a diagram of a bio-economic model reflecting the relationships between the biological growth of a stock of fish and three different rates of harvest—H1, H2, and H3. In this model, dX/dt=F(X)—the change in the stock with respect to time and biomass— is captured in the parabola. Use the diagram to answer the following questions. On the diagram, the point A refers to a specific and important biological point on the growth curve. What is this point and what is its significance? On the diagram, the point B refers to a biologically important value. What is this value and what is its significance? Consider point C on the diagram. Assume that the stock of fish is just to the right of this point, but still to the left of B. Assume the harvest level is maintained at H3. Over time, what would happen to the stock of fish and the size of the harvest? Consider point D on the diagram. Assume the stock of fish is just to the right of D but still to the left…
- Explain the conditions that create a relationship between research and innovation as the most sought-after soft skills in the fast-paced global economy. Many of which we have recently discovered following new challenges posed by COVID19.Question 2 In answering the question, you should emphasize the line of reasoning that generated your results; it is not enough to list the results of your analysis. Include correctly labeled diagrams, if useful or required, in explaining your answer. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. Assume that the country of Fischerland produces only consumer goods and capital goods. CONSUMER GOODS CAPITAL GOODS a. The graph above shows the production possibilities curve for Fischerland. The production of which of the following exhibits increasing opportunity costs: consumer goods only, capital goods only, both goods, or neither good? b. Redraw the graph given above. Show a point that represents fully employed and efficiently used resources on the redrawn graph and label it A. c. Assume there is a recession in Fischerland. On your graph in part (b), label as C a point representing the recession. d. Identify a fiscal policy…Question 1 Imagine we live in a world with two types of skill sets: people with high ability and people with low ability. A diploma will cost a high ability person about 8K and will cost a low ability person about 20K. Businesses use education as a screening tool and they intend to pay 25k to workers without a diploma and $X to those with a diploma. In what range must X be to make this an effective screening tool? Your answer will include a set of equations showing the dollar range for both low ability and high ability people.