Would companies and individuals invest as much in significant research and development if a system of patents were not available?
a. Yes they would, because they could still hope to monopolize the market
b. Yes they would, because firms are civic-minded and highly motivated to introduce innovations that improve the standard of living.
c. No they would not, because if they made a significant investment in the development, they would be unable to protect the innovations or discoveries long enough to be sufficiently compensated for their efforts.
d. No they would not, because the benefits to society of engaging in research and development would be less than the costs to society.
c
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The value of the best thing that a person must give up when making a decision is known as the ________ cost
A) opportunity B) sunk C) benefit D) explicit E) direct
Identify the correct statement
a. As domestic income rises, imports rise and net exports fall. b. As foreign income rises, net exports fall. c. As domestic income falls, imports rise and net exports fall. d. As domestic income rises, imports fall and net exports rise. e. As foreign income falls, net exports rise.
According to the quantity theory of money, if an economy produces 5,000 units of output, its money supply equals $40,000 . and the velocity of money equals one, then the price level will equal
a. $0.13 b. $1.25 c. $8 d. $200 e. $8,000
Hyperinflation can be explained by
a. the market for loanable funds. b. the quantity theory of money. c. the velocity theory of money. d. the market for federal funds.