Patent laws promote technical progress in all of the following ways except one. Which is the exception?
a. They allow other firms to copy successful products as soon as they are marketed.
b. They prevent duplication of inventions.
c. They provide a stimulus to innovation.
d. They provide the inventor with a temporary monopoly.
e. They increase a firm's incentive to incur the up-front costs of developing new products.
A
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The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. What would be the maximum price someone would pay in the black market?
A) $100 per jacket B) $120 per jacket C) $130 per jacket D) $90 per jacket E) $140 per jacket
Since 1999, the capital account has recorded
A) relatively minor transactions, such as migrants' transfers, and sales and purchases of nonproduced, nonfinancial assets. B) transactions that affect the balance of trade or the balance of services. C) statistical discrepancy between the current account and the financial account. D) transactions that affect net capital flows in the economy.
Big Ol’ Robots is a family company that has been in business for more than 15 years. The company has decided to incorporate. What will this mean for the ownership of the firm?
a. The corporation will be owned by its shareholders. b. The company’s owners will reinvest profits to obtain more capital. c. Venture capitalists will own a significant stake in the company. d. The original owners will step down and no longer be part of the company.
Which organization meets regularly to establish rules related to international trade?
The United Nations The Bank of America The World Trade Organization The Federal Reserve Board