An exclusive legal right as sole producer for 20 years granted to an inventor of a product is called a:
A. Copyright
B. Franchise
C. Patent
D. License
C. Patent
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The opportunity cost of an item is: a. greater during periods of inflation and lower during periods of deflation. b. the highest valued alternative you give up to get that item
c. the value of all available alternatives you sacrifice to get that item. d. always equal to the dollar value of the item.
A goldsmith with 100 gold coins in his safe and 400 goldsmith's receipts in circulation has a reserve ratio of
A. 400%. B. 100%. C. 50%. D. 25%.
In the short run, fixed costs are irrelevant in determining a firm's optimal level of output.
Answer the following statement true (T) or false (F)
Unemployment is a
A) flow concept. B) both a flow and a stock concept. C) stock concept. D) neither a stock nor a flow concept.