Intellectual property
a. requires copyright protection that is expensive to obtain, but cheap to enforce
b. usually ends up being owned by the government
c. is costly to produce, but can be transmitted at low cost
d. cannot be owned by anyone
e. is usually located on college campuses
C
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Use the following table to answer the next question.YearAltaZornAltaZorn?(Real GDP)(Real GDP)(Population)(Population)1$2,000$150,00020050022,100152,00020250532,200154,000210508Between years 2 and 3
A. Alta's real GDP grew more rapidly than Zorn's real GDP. B. real GDP fell in Zorn. C. population fell in Alta. D. population growth reduced Alta's real GDP growth to zero.
An outside lag is
A) a policy aimed at increasing GDP. B) a policy aimed at reducing GDP. C) a lag in implementing policy. D) the period of time it takes for policies to work.
To determine how much of a good to produce to achieve allocative efficiency, we
A) construct a production possibilities frontier and choose the midpoint. B) construct a production possibilities frontier and choose any point on it. C) must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal. D) must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. E) must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good.
The real balances effect suggests that
A. when prices are higher, you buy fewer because the marginal utility of a good is diminishing. B. when prices are higher, you buy more. C. when prices are higher, your buying power is less, so you buy less. D. when prices are higher, you buy less of what you originally wanted and use something else instead.