Which of the following is issued to an investor to provide protection from having the invention copied or stolen for 20 years?
A. a license
B. a certificate of convenience
C. a patent
D. a natural monopoly
Answer: C
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Which of the following best describes the chain of events in the money creation process?
A) The monetary base increases. Banks acquire excess reserves which they loan out, increasing deposits and also the quantity of money. The new deposits then create additional excess reserves. B) Currency is drained from the quantity of money into the banking system, where it is lent out. The loans are spent, increasing the currency drain and also the quantity of money. C) Desired reserves increase, encouraging banks to seek new deposits. When the new depositors come in, desired reserves decrease and the quantity of money increases. D) Low interest rates discourage people from holding currency. When they deposit the currency, interest rates rise, increasing the quantity of money.
Nick is delighted to see that the price of his favorite food, black olives, has fallen. Which of the following could be responsible?
a. an increase in the demand for black olives b. a decrease in the supply of black olives c. a simultaneous increase in demand and decrease in supply of black olives d. a simultaneous decrease in demand and increase in supply of black olives
Consider the nations of India, Indonesia, and Japan. Over the past century, which of these three nations has experienced, by far, more rapid economic growth than the other two nations?
Minimum-wage laws can keep wages
a. above equilibrium and cause a surplus of labor. b. above equilibrium and cause a shortage of labor. c. below equilibrium and cause a surplus of labor. d. below equilibrium and cause a shortage of labor.