To qualify for patent protection, an invention must meet all of the following statutory criteria except which one?
A) novelty
B) usefulness
C) nonobviousness
D) interest
D) interest
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Elasticity of demand Quantity Price A 4 15 B 12 6
What will be an ideal response?
The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. Identify the correct statement. 1 Unit of Bread1 Unit of CheeseLabor Input5 units20 unitsLand Input4 units10 units
A. Production of bread is relatively labor-intensive in the country. B. The opportunity cost of producing an extra unit of bread is four units of cheese. C. The domestic price ratio in the country is two units of bread per unit of cheese. D. Production of bread is relatively land-intensive in the country.
The short-run break-even price is
A. the price at which a firm's total revenues equal its total costs. B. the point at which the firm's implicit costs are maximized. C. the point at which the firm's total costs are maximized. D. the price at which a firm's total revenues exceed total costs.
Friedman and Phelps argued that
a. if peoples' inflation expectations were fixed, then an increase in the money supply growth rate could not change output in the short or long run. b. if peoples' inflation expectations were fixed, then a decrease in the money supply growth rate could raise output and unemployment in the short run. c. any change in unemployment created by making aggregate demand increase more rapidly is temporary because people eventually revise their inflation expectations. d. None of the above is correct.