One of the effects of patents is to
a. reduce incentives for innovation.
b. give firms incentives to worry less about minimizing production costs.
c. temporarily provide the patent owner with monopoly power.
d. reduce the degree of monopoly power in the short run.
C
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A video available on a Web site that allows free download is a ________
A) private good B) public good C) club good D) common pool resource
Food stamps and Medicaid are in-kind transfer programs
a. True b. False Indicate whether the statement is true or false
Out of approximately 150 million workers in the U.S. economy, what percentage of the total are paid the minimum wage?
a. Less than 2% b. Approximately 5% c. Approximately 8% d. More than 10%
If the value of the multiplier is smaller, the economy
A. becomes less stable because automatic stabilizers have a larger impact. B. becomes more stable because automatic stabilizers have a larger impact. C. becomes more volatile because automatic stabilizers have a lesser impact. D. is subject to larger fluctuations because automatic stabilizers have no impact.