The justification for the patent system is that it
a. protects desirable monopolies
b. encourages innovation
c. discourages the development of substitute goods
d. guarantees high profit for the monopolies so that they can use the profit as a source for research and development
e. discourages competition
B
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Suppose local educators argue that teachers' salaries are too low. At the same time it is said that the school district received 750 applications for 5 new openings. Are salaries too low? Explain
What will be an ideal response?
Which of the following is not included in the study of macroeconomics?
A. Business cycles B. The unemployment rate C. Inflation D. Market structures
Which of the following finally brought the U.S. economy out of the Great Depression?
(A) World War I (B) The Korean War (C) World War II (D) The Vietnam War
If the bidders at a first-price auction have true values of $8, $7, $6, and $5, the item will sell for
a. $8 b. $7 c. just over $7 d. just under $7