A patent is a government protection that gives
A) monopolies the right to be sole producers due to economies of scale.
B) consumers the right to sue when products are unsafe.
C) companies the right to produce any good they choose.
D) inventors exclusive rights to their product for a time.
D
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The significantly high rates of inflation in the 1970s occurred, in part,
A. because of increased petroleum prices. B. due to high unemployment. C. despite falling gasoline prices. D. due to restrictive monetary policies.
Between September 2007 and March 2008 there was a substantial reduction in the demand for housing. What action did the Fed take in response to the reduction in the demand for housing?
A) The Federal Reserve cut the federal funds rate seven times. B) The Federal Reserve decreased the required reserve rate. C) The Federal Reserve raised the discount rate by 3 percentage points. D) The Fed conducted open market sales of Treasury securities.
An American insurance company hires a call center in India to handle customer service calls in order to cut costs. Other things equal, this will ________ of the United States
A) decrease the financial account balance B) decrease net exports C) decrease the capital account balance D) increase the current account balance
In the diagram, the economy's short-run AS curve is line ___ and its long-run AS curve is line ___.
A. 1; 3
B. 2; 4
C. 3; 4
D. 2; 1