Describe traditional knowledge and how it relates to current trade issues about intellectual property rights protection
What will be an ideal response?
Traditional knowledge is often embedded in cultural practices and every day activities of traditional societies and indigenous communities. It includes their knowledge of plants, animals, and the natural world, which has been gathered over generations. When that knowledge is expropriated and used by outsiders without recognition of its origin, it is not only unfair to the originators of that knowledge but also has the potential to harm them. For example, researchers may collect natural samples shown to them by traditional healers, isolate the key compounds in their laboratories, patent a new pharmaceutical or other product, and ignore the interests of the traditional community or the nation where they live.
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Some people have argued that the government should provide medical care to everyone. Under this system:
A. prices will not ration medical care so there will be no scarcity. B. the price of medical care will ration resources efficiently. C. prices will not ration medical care so some other rationing method will be used. D. the price of medical care will allocate resources efficiently.
Dana wants to try working as an independent contractor this summer. She has a 50 percent chance that she will make $10,000 and 50 percent chance that she will make nothing. What's Dana's expected income from taking this job?
A) $10,000 B) $7,000 C) $5,000 D) zero
If a perfectly competitive firm is producing 500 units and, at the 500th unit, the difference between marginal revenue and marginal cost (MR - MC) is negative, which of the following is true?
A) The 500th unit costs less to produce than the firm earns in revenue. B) The firm should decrease production to maximize profit. C) The firm is maximizing profit. D) The firm should increase production to maximize profit.
Which of the following is most important if you want to achieve high earnings?
A) ability to identify and undertake actions where you can benefit at the expense of others B) willingness to work hard even if you are not productive C) ability to provide others with things that they value highly D) willingness to exploit workers and consumers