All else equal, technological change will be more rapid if
a. the government enhances patent protection
b. interest rates are lower
c. the government increases research funding
d. all of the above
e. interest rates are higher
D
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Which of the following, if successful, always results in a complete cessation of trade in a certain product?
a. an import quota b. an embargo c. a trading bloc d. a voluntary restraint agreement
Recall the Application about productivity in the nation of Latvia in the 1990s to answer the following question(s). According to this Application, in the 1990s EU countries had ________ in the production of all products compared to Latvia.
A. an absolute advantage and a comparative advantage B. an absolute advantage but not a comparative advantage C. a comparative advantage but not an absolute advantage D. neither an absolute advantage nor a comparative advantage
When the absolute price elasticity of demand is greater than 1, demand is
A. elastic. B. unit-elastic. C. inelastic. D. undetermined without more information.
If a state requires all drivers to purchase auto insurance, insurance companies still face the problem of
A) correctly pricing their insurance. B) sunk costs. C) adverse selection. D) excess demand for their insurance.