Property rights that protect inventions are called
A) trademarks.
B) copyrights.
C) patents.
D) exclusive franchises.
C
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Output (Total Product) is maximized when
A) average productivity is at its maximum. B) the "law of diminishing returns" sets in. C) marginal productivity is zero. D) marginal productivity is at its maximum.
A point inside a production possibilities curve reflects
a. the law of increasing costs b. technological innovation c. less than full use of resources and technology d. economic efficiency e. a way to increase future economic growth
Which of the following would decrease the demand for labor? (i) a decrease in the output price (ii) an increase in the output price (iii) a labor-saving technological advance (iv) a labor-augmenting technological advance
a. (i) only b. (i) and (iii) only c. (ii) only d. (ii) and (iv) only
Suppose that indifference curve I1 lies to the right of indifference curve I2. We can conclude that
A. all points along indifference curve I1 will correspond to lower utility than points along indifference curve I2. B. some, but not all, points on indifference curve I1 will correspond to lower utility than points along indifference curve I2. C. all points along indifference curve I1 will correspond to higher utility than points along indifference curve I2. D. some, but not all, points on indifference curve I1 will correspond to higher utility than points along indifference curve I2.