In a market economy, what encourages firms to develop new products and production processes?
A. contracts
B. insurance
C. patents
D. accounting rules
Answer: C
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Starting from long-run equilibrium, an adverse inflation shock results in a short-run equilibrium with ________ inflation and ________ output.
A. lower; lower B. higher; lower C. higher; higher D. higher; potential
Goods with upward sloping demand curves are referred to as
A) luxury goods. B) substitute goods. C) Giffen goods. D) Marshall goods.
How and why did Europe set up its single currency?
What will be an ideal response?
Overfishing and extinction of species arise because of:
a. an abundance of natural resources. b. communist countries. c. the lack of incentive to take care of these species. d. private ownership of these resources. e. a high degree of economic freedom in all countries.