Which of the following is FALSE?
A) At the end of the twentieth century, more and more traded goods and services incorporated specialized knowledge and unique ideas.
B) Pharmaceuticals, computer hardware, telecommunications equipment, and other high technology products are valuable because of the innovation and research they incorporate.
C) Developing countries usually strongly advocate the protection of intellectual property rights.
D) The protection given to creators and innovators varied greatly internationally until standardization began with the signing of the TRIPs agreement.
C
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The income elasticity of demand is the percentage change in ________ divided by the percentage change in ________
A) the price; income B) the quantity demanded; income C) income; the quantity demanded D) income; the price
Draw a scatter diagram of the inflation rate and the interest rate. Describe the relationship
What will be an ideal response?
The CPI in 1970 was 38.8 and in 1998 the CPI was 163.0. If the real value of a 1970 gallon of milk in terms of 1998 dollars is $0.70, what was the nominal price of milk in 1970?
What will be an ideal response?
Value judgments in economics:
A. are essential parts of positive economics. B. can be avoided through the use of normative economics. C. are necessary when objective analysis cannot address a question. D. can always be avoided with the use of objective analysis.