Compartmentalizing is the act of storing money gained from different sources in different ______.
a. accounts at a financial institution
b. areas of the brain
c. categories of a budget
d. economic classifications
b. areas of the brain
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If Congress reduced the period of patent protection from 20 years to 10 years, what would likely happen to the amount of private research and development?
A. Shorter patent protection would make innovation less lucrative, so the amount of research and development would likely decline. B. Companies would simply stop their research and development. because the cost is not worth the return. C. Companies would spend more on research because the patent period is shorter. D. Companies would not likely change their research and development amounts because they need innovation to survive.
Which of the following is not true of an economic expansion?
a. The economy is overheated. b. There is too much spending. c. Production exceeds equilibrium output. d. The aggregate expenditure line is too low to create an intersection at full-employment output. e. Unemployment will be unusually low.
A competitive firm is currently producing a quantity of output at which marginal revenue exceeds marginal cost. In order to increase its profit, the firm should
a. increase the price of the good that it produces and sells. b. increase its quantity of output. c. decrease its total cost. d. decrease its average total cost.
Two firms compete as a Stackelberg duopoly. The inverse market demand they face is P = 62 ? 4.5Q. The cost function for each firm is C(Q) = 8Q. The outputs of the two firms are:
A. QL = 35; QF = 6. B. QL = 6; QF = 3. C. QL = 48; QF = 24. D. None of the answers is correct.