A ________ is the privilege granted to an individual or company by the government, which gives them the sole right to produce and sell a good
A) brand
B) patent
C) copyright
D) trademark
B
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An example of a good or service that would not count in the U.S. GDP would be:
A. a t-shirt made by The Gap in Cambodia. B. a t-shirt made by Organi-tee in Oregon. C. a TV made by Toshiba in Georgia. D. a bottle of water made by Poland Springs in Maine.
In monopolistic competition
A) firms can earn long-run economic profit due to product differentiation. B) firms are unable to earn economic profit over the long run. C) firms can only earn accounting profits over the long-run. D) firms can block entry.
________ is (are) used to distinguish between high and low quality and help correct the adverse selection problem.
A. Market signals B. Moral hazard C. Payoffs D. Asymmetric information
Government debt places a burden on future generations if
A) the debt is used to fund the current consumption of its citizens. B) the debt is used to fund the production of investment goods. C) the debt is used to fund schools and highways. D) All of the above are correct.