Explain the differences between patents and copyrights
What will be an ideal response?
A patent is an exclusive property right granted by the government to an inventor to produce and/or market an invention. Patent protection is generally granted for 20 years.
A copyright is an exclusive property right granted by the government to the creator of an original work to produce and sell that work. Copyrights cover books, song lyrics, cartoons, sculptures, and just about any other creative endeavor. Copyright protection generally lasts for the life of the creator plus 70 years.
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The U.S. trade deficits of the 1980s and 1990s may represent a problem because they will require
a. higher consumption in the future in order to increase imports. b. lower consumption in the future in order to repay interest and principal to foreigners. c. lower consumption in the future in order to finance increased investment. d. higher budget deficits in the future in order to increase the trade surplus.
A demand curve that shows the relationship between the price of a good and the amount of the good consumed holding the consumer's well-being fixed and allowing their to income vary is called:
A. an uncompensated demand curve. B. a compensated demand curve. C. a Marshallian demand curve. D. a derived demand curve.
The amount of money that a bank must keep on reserve at the Federal Reserve is the
A. cash reserve portion. B. reserve amount. C. portfolio portion. D. reserve ratio.
A currency devaluation is a(n):
A. reduction in the official value of a currency in a fixed-exchange-rate system. B. increase in the official value of a currency in a fixed-exchange-rate system. C. increase in the value of a currency relative to other currencies. D. decrease in the value of a currency relative to other currencies.