The Human Genome Project is a useful example of
a. private sector research and development.
b. government-conducted research.
c. household research.
d. a and b.
d
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How does the expected inflation rate affect the short-run Phillips curve tradeoff between inflation and unemployment?
What will be an ideal response?
"Comparative advantage" is defined as a situation in which one person can produce
A) more of all goods than another person. B) more of a good than another person. C) a good for a lower dollar cost than another person. D) a good for a lower opportunity cost than another person. E) all goods for lower opportunity costs than another person.
"The percentage change in quantity demanded divided by the percentage change in price" represents
A) the law of demand. B) the law of one price. C) the price elasticity of demand. D) the responsiveness of consumers to a change in quantity demanded. E) none of the above.
The Federal Trade Commission Act, as amended, prohibits
A. price-fixing agreements. B. price discrimination. C. horizontal mergers. D. unfair competitive practices and deceptive acts.