Why does the government grant patents universally rather than just to those products that would not be developed without a patent?
What will be an ideal response?
The government has no way to know which products would be developed without a patent.
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Between 1950 and 1980 in the U.S., interest rates trended upward. During this same time period
A) the rate of money growth declined. B) the rate of money growth increased. C) the government budget deficit (expressed as a percentage of GNP) trended downward. D) the aggregate price level declined quite dramatically.
About how much U.S. and European trade is intra-industry?
a. 40% b. 50% c. 60% d. 70%
If an individual perfectly competitive firm charges a price below the industry equilibrium price, it will
A) not sell anything. B) sell part of what it produces. C) sell all that it produces and gain more revenue than competing firms will. D) sell all that it produces but gain less revenue than competing firms will.
The price of one product in terms of another commodity is called its
A) relative price. B) money price. C) financial price. D) converse price.