For how long does a patent give a firm the exclusive legal right to a product?
A) 10 years B) 17 years C) 20 years D) 50 years
C
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If discretionary fiscal policy creates a federal budget deficit, the economy must be experiencing falling output
a. True b. False Indicate whether the statement is true or false
Skateboards International of Mavericks Beach, California, was able to sell 20,000 skateboards at a price of $60 last year. This year it is able to sell only 12,000 of the same skateboards at a price of $60. Evidently, Skateboard International has experienced a(n):
a. increase in quantity supplied. b. increase in demand c. increase in supply. d. decrease in demand.
To say that a price ceiling is binding is to say that the price ceiling
a. results in a surplus. b. is set above the equilibrium price. c. causes quantity demanded to exceed quantity supplied. d. All of the above are correct.
Karl Marx said the people who control a society are the people who
A. run the government. B. own the land. C. own the plant and equipment. D. work in the factories.