An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a
A) patent.
B) barrier to entry.
C) monopoly.
D) research disincentive.
A
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If the natural unemployment rate is 5 percent and the actual unemployment is 3 percent, then Okun's Law concludes that real GDP is
A) 2 percent greater than potential GDP. B) 4 percent less than potential GDP. C) 3 percent greater than potential GDP. D) 4 percent greater than potential GDP. E) 2 percent less than potential GDP.
If U.S. imports increase, the sum of the balance of payments accounts (the sum of the current account plus capital and financial account plus official settlements account)
A) becomes negative. B) becomes positive. C) becomes negative or positive depending on the government budget deficit or surplus. D) does not change.
The additional revenue earned from hiring one more worker is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
Domestic aggregate surplus:
A. is the sum of consumer surplus, deadweight loss and government revenue. B. is the sum of domestic producer surplus and government revenue. C. is the sum of domestic producer surplus and consumer surplus. D. is the sum of consumer surplus, domestic producer surplus and government revenue.