Which of the following describes when government alter normal market activity?
A. Innovation
B. Intervention
C. Market failure
D. Unprofitable outcome
B. Intervention
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A patent grants an inventor exclusive rights to a product for how long?
A) 14 years B) 17 years C) 20 years D) the lifetime of the product
When we consider solving a free rider problem through changing social norms, it is helpful to remember:
A. all costs aren't financial. B. social disapproval can be considered a cost. C. conflict with those in your community can be considered a cost. D. All of these statements are true.
If First Interstate Bankcorp has demand deposits of $8 billion, actual reserves of $1.4 billion, and the reserve requirement is 15%, the bank's excess reserves are
A. $100 million. B. $200 million. C. $400 million. D. $800 million.
Which of the following may characterize a monopoly?
A. Low barriers to entry. B. Substantial market power. C. Many firms. D. Differentiated product.