Whose An Essay on the Principle of Population argued that human living standards could only temporarily rise above subsistence?
A. Adam Smith.
B. Thomas Malthus.
C. John Maynard Keynes.
D. Alfred Marshall.
Answer: B
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The concept of "the invisible hand" suggests that
A) products are produced out of a seller's sense of charity. B) when the seller is better off, the buyer is worse off. C) sellers exploit consumers with high prices. D) buyers and sellers are self-interested. E) the command system is the only way of efficiently allocating resources.
A patent
A) always gives rise to a monopoly. B) may not provide a barrier to entry. C) allows the patent owner to capture all of the consumer surplus. D) increases total welfare.
It is irrational for anyone to buy something whose price exceeded its ___________________.
Fill in the blank(s) with the appropriate word(s).
A trademark is a temporary, exclusive-ownership right legally granted to
A. criminals who develop an easily-recognizable modus operandi. B. the inventor of a new product or technique. C. the creator of a written or recorded work. D. a business for use of a phrase, logo, or name.