Written and recorded works, ideas, formulas, and other creative intangible property that are owned by an individual or a group of individuals are examples of the economic concept of
A. intellectual property.
B. personal effects.
C. physical capital.
D. public property.
Answer: A
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Assume that after you graduate, you move to a simple economy in which only three goods are produced and consumed: fish, fruit, and meat
Suppose that on January 1, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per pound. At the end of the year, you discover that the catch was low and that fish prices had increased to $5.00 per pound, but fruit prices stayed at $1.50 per pound, and meat prices had actually fallen to $2.00. Can you say what happened to the overall CPI, in terms of whether it increased, decreased, or stayed the same? Do you have enough information to calculate the inflation rate? Note, this problem requires no calculation; just state and explain your answers.
So long as production in the oligopoly still occurs, recurring fixed costs have no impact on output under Cournot competition but do have an impact under Bertrand competition.
Answer the following statement true (T) or false (F)
Suppose the economy is at point B. If firms expect profits will be higher in the future, to what point might the economy's move in the short run?
A) It stays at point B. B) It shifts to a point such as A. C) It shifts to a point such as C. D) None of the above answers are correct because it is the SAS curve that shifts, not the AD curve.
Refer to Figure 5-3. With insurance and a third-party payer system, the equilibrium quantity of medical services is
A) 400. B) 800. C) 1,200. D) > 1,200.