A patent is a government protection that gives
A. companies the right to produce any good they choose.
B. monopolies the right to be sole producers due to economies of scale.
C. consumers the right to sue when products are unsafe.
D. inventors exclusive rights to their product for a time.
Answer: D
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A substantial increase in marginal tax rates will most likely encourage individuals to choose: a. to work more overtime
b. to invest more. c. to spend more of their scarce resources looking for tax shelters. d. none of the above.
An open market sale of bonds by the central bank will cause which of the following when a liquidity trap situation exists?
A) The interest rate will increase. B) The interest rate will not change. C) Output will decrease. D) The money supply, M, will not change. E) none of the above
If the saving rate is 1 (i.e., s = 1), we know that
A) K/N will be at its highest level. B) Y/N will be at its highest level. C) C/N = 0. D) all of the above
If the real interest rate in the economy is i and the expected rate of return from additional investment is r, then more investment will be forthcoming when:
A. r falls. B. i is greater than r. C. r is greater than i. D. i rises.