A patent
A. is often necessary to motivate inventions.
B. makes a good that has recently been invented more expensive than it could be.
C. is better for a writer of books than it is for an inventor of medicines.
D. is often necessary to motivate inventions and makes a good that has recently been invented more expensive than it could be.
Answer: D
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Residential housing consumption is not affected by U.S. personal income taxes.
A. True B. False C. Uncertain
If you have flipped a fair coin and tails has come up 49 times in a row, what are the odds that the next flip will be a tail?
A) 0 B) 1/50 C) 1/25 D) 1/2
Opportunity cost can best be defined as
A) the interest cost of financing a business loan at the bank. B) the value of all of the alternatives sacrificed. C) the value of the next-highest-ranked alternative. D) There is no real definition for opportunity cost.
Economic freedom refers to the freedom of the government to control resources and labor in a country
a. True b. False Indicate whether the statement is true or false