Patents are currently granted for a period of 20 years in the United States. Do you think that time period is too long or too short? Explain your reasoning
Answers will vary, but should consider the trade-off between short run allocative inefficiency and the incentive for technological progress in the long run.
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Under the Patient Protection and Affordable Care Act (ACA), residents who do not have health insurance will not be allowed to seek employment
Indicate whether the statement is true or false
Which of the following statements would Milton Friedman disagree with?
A) Monetary policy has few short-run effects on the real economy. B) In the long run, changes in the money supply primarily affect the price level. C) In practice, there is little scope for using monetary policy actively to smooth out business cycles. D) The Federal Reserve cannot be relied on to effectively smooth out business cycles.
Which of the following is an example of supply-side policy?
A. Tax incentives for business investment. B. Selling bonds in the open market. C. The purchase of military goods by the government. D. Changes in the reserve requirement.
The purpose of an effluent fee imposed on a firm is
A) to increase output of its product by increasing the resources allocated to production. B) to increase output of its product by reducing the resources allocated to production. C) to reduce output by increasing production costs thereby reducing resources used. D) none of the above