A right granted by government to an inventor to be the exclusive seller of that invention for a limited period of time is called a
A. copyright.
B. trademark.
C. patent.
D. tangible asset.
Answer: C
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An increase in a country's net commodity terms of trade will
A) not always guarantee positive changes in the country's economy. B) always increase the country's economic welfare. C) always increase the country's real income. D) never increase the country's quantity of exports. E) always increase the country's production of its import competing good.
Assume that the central bank sells government securities in the open market. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the real GDP and net nonreserve-related borrowing/lending in the context of the Three-Sector-Model? State your answer after the macroeconomic system returns to complete equilibrium
a. Real GDP remains the same and net nonreserve-related borrowing/lending balance becomes more positive (or less negative). b. Real GDP rises and net nonreserve-related borrowing/lending balance becomes more negative (or less positive). c. Real GDP falls and net nonreserve-related borrowing/lending balance becomes more positive (or less negative). d. Real GDP and net nonreserve-related borrowing/lending balance remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
Trade among nations is ultimately based on
a. absolute advantage. b. strategic advantage. c. comparative advantage. d. technical advantage.
Actual GDP will be below potential GDP:
A. when the economy is at full employment. B. during an economic boom. C. when resources are fully utilized. D. during a recession.