Patents are most likely to infringe on innovation:
A. for products that incorporate many different technologies into a single product.
B. of simple, easy-to-copy products.
C. in the pharmaceutical industry.
D. when they cause creative destruction.
Answer: A
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Predatory pricing
A) is extremely hard to document in the U.S. economy today. B) is most often practiced in the retailing industry. C) is not legal under U.S. law but is regularly practiced by foreign firms competing in the United States. D) is principally responsible for the decline of competition in the oil industry.
An economic model is
A) a generalization that summarizes all the normative assumptions we make about a particular issue. B) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand. C) a statement that describes how the world should be. D) a collection of facts that describe the real world.
Banks decide to raise the interest rate they pay on checking accounts from 1% to 2%. This action would
A) increase money demand, shifting the LM curve up and to the left. B) increase money demand, shifting the LM curve down and to the right. C) decrease money demand, shifting the LM curve up and to the left. D) decrease money demand, shifting the LM curve down and to the right.
A quintile is 20% (one-fifth) of a population group
Indicate whether the statement is true or false