Protecting intellectual property rights:
A. always benefits society.
B. never benefits society.
C. rarely affects society overall.
D. is hotly debated as to whether it benefits or costs society overall.
D. is hotly debated as to whether it benefits or costs society overall.
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Normative economics often takes a consequentialist philosophical approach to determine whether a policy is good. ?
Answer the following statement true (T) or false (F)
The demand curve for Widgets is given by QD = 6000 - 2y - 200p + 30pG, where QD is the quantity of widgets demanded, y is the per capita income and pG is the price of Gizmos. An increase in per capita income will cause
A) demand shifts left. B) demand shifts right. C) demand increases. D) movement along the demand curve.
Suppose the demand for widgets is given by QD = 100 - 5p - pd + 2I, where I is average consumer income, p is the price of lemons, and pd is the price of doodads. According to this equation, doodads are a(n) ________ for widgets
A) substitute B) complement C) input D) None of the above
Which of the following did classical economists believe caused depressions and high unemployment?
a. Sticky product prices b. Tax increases c. Business expectations d. Sticky wages e. Sticky interest rates