The primary purpose of patents and copyrights is to
A) protect firms from being taken advantage of by competing firms.
B) protect domestic firms from foreign competition.
C) provide owners with large profit forever.
D) encourage the expenditure of funds on research and development to create new products.
D
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If the price of gasoline increases and the price of food remains the same, then real income measured in terms of
A) gasoline increases. B) gasoline decreases. C) food increases. D) food decreases.
In an open economy, an increase in saving might not cause an increase in domestic investment. Why not? Does that mean that an increase in saving is undesirable?
What will be an ideal response?
There is an increase in both consumer income and in the price of jet fuel, an important resource used to produce air travel. If air travel is a normal good, how will these changes influence the price and quantity purchased of air travel? The change in the price of air travel will (be) ____ and the change in the quantity purchased will (be) ____
a. indeterminate; decrease b. increase; indeterminate c. decrease; indeterminate d. indeterminate; increase
Diseconomies of scale exist over the range of output for which the long-run average cost curve is:
A. constant. B. falling. C. rising. D. subject to diminishing returns.