In the 19th century John Deere took out a patent on a newly designed plow that incorporated steel to make plowing faster. Many farmers bought plows from his company and he made millions. This example shows that patents turn an idea into a
a. public good.
b. societal good.
c. private good.
d. normal good.
c
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Both the PIH and the LCH predict that
A) the sum of saving and consumer durable purchases should increase in relation to personal income in booms and fall in recessions. B) the sum of saving and consume nondurable purchases should increase in relation to personal income in booms and fall in recessions. C) the sum of saving and consumer durable purchases should decrease in relation to personal income in booms and increase in recessions. D) saving should increase in relation to personal income in booms and fall in recessions, but that consumer durables tend to behave in a more stable manner over a cycle.
_________ are statements that ascribe blame or judge others. They can lead to arguments
a. I-messages b. You-messages c. Theymessages d. Expert messages
The AD curve will shift to the right if:
a. people become pessimistic about the future of the economy. b. there is a decrease in foreign income. c. the government decreases spending. d. the domestic price level decreases. e. the foreign price level increases.
Suppose a recent and widely circulated medical article reports new benefits of exercise. Simultaneously, the price of the parts needed to make bikes falls. What is the likely effect on the equilibrium price and quantity of exercise bikes sold?
A. Price of exercise bikes remains the same and quantity sold increases. B. The change in price is ambiguous, but the quantity sold increases. C. Price of exercise bikes decreases and quantity sold remains the same. D. Price of exercise bikes increases and quantity sold also increases.