A patent
A. is often necessary to motivate inventions.
B. is never sought for inventions anymore.
C. is better for a writer of books than it is for an inventor of medicines.
D. makes inventing the good less appealing.
Answer: A
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A tariff is
A. a voluntary agreement to restrict exports. B. a tax on imported goods. C. a subsidy on domestically produced goods. D. a government-imposed restriction on the quantity of a specific good that can be imported into the country.
Which of the following is a benefit of cleaner air and water that is difficult to quantify?
a. Increased property values b. Gains in the tourism industry c. Benefits to farming and fishing d. Better health for someone with asthma
Monopolistically competitive firms can earning positive economic profits in the short run, but in the long run:
a. the level of profits will be unchanged. b. they will make zero economic profits. c. firms will be unable to enter the industry because of the existence of barriers to entry. d. a limited number of firms will enter the industry, and profits will be reduced but will remain positive.
If money is moved from a consumer savings account into a consumer checking account,
A. M1 decreases and M2 increases. B. M1 increases and M2 remains unchanged. C. M1 and M2 both decrease. D. M1 and M2 both increase.