Which of the following is an alternative to patents that still encourages research?
A) the government funding research by firms
B) offering a prize for discovery
C) government grants to universities
D) All of the above.
D
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What would be expected to happen to the size of the underground economy if:
a. businesses tax rates decreased. b. government regulations on businesses increased dramatically. c. the sale and use of marijuana was legalized in all 50 states.
Suppose Julie plants a beautiful garden in her front yard. The benefits of the garden to Julie and to her neighbors equals the
A) external benefit. B) marginal private benefit. C) marginal external benefit. D) marginal social benefit. E) marginal social cost.
If a monopoly firm sells to competitive distributors and the distributors have a constant marginal cost of $2 and they are paying the profit-maximizing wholesale price of $8, what is the retail price of the product?
A) $6 B) $8 C) $2 D) $10
Which of the following was not a reason OPEC failed to keep the price of oil high?
a. Over the long run, producers of oil outside of OPEC responded to higher prices by increasing oil exploration and by building new extraction capacity. b. Consumers responded to higher prices with greater conservation. c. Consumers replaced old inefficient cars with newer efficient ones. d. The agreement OPEC members signed allowed each country to produce as much oil as each wanted.