Which of these is an economically efficient manner of producing basic medical research?Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aSubsidize production of basic medical research by private producersbGovernment production of basic medical researchcTax the production of basic medical research by private producersdEither (a) or (b) will workeEither (b) or (c) will work
Question
Which of these is an economically efficient manner of producing basic medical research?Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aSubsidize production of basic medical research by private producersbGovernment production of basic medical researchcTax the production of basic medical research by private producersdEither (a) or (b) will workeEither (b) or (c) will work
Solution
The most economically efficient manner of producing basic medical research would be option (a) "Subsidize production of basic medical research by private producers". This is because subsidies can stimulate more research by lowering the cost of production for private producers. This can lead to more innovation and advancements in medical research.
Option (b) "Government production of basic medical research" can also be efficient, but it depends on the efficiency of the government sector. Sometimes, government production can be slower and less innovative due to bureaucratic constraints.
Option (c) "Tax the production of basic medical research by private producers" is generally not an economically efficient manner of producing basic medical research. Taxes increase the cost of production, which can discourage private producers from investing in research.
Therefore, the most economically efficient options would be either (a) or (b), so the answer is (d) "Either (a) or (b) will work".
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