Protecting intellectual property rights:
A. never increases total surplus for society.
B. always increases total surplus for society.
C. can reduce total surplus for society.
D. never affects total surplus for society.
Answer: C
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A nation's votes at the IMF are proportional to its population
Indicate whether the statement is true or false
The difference between M1 and M2 is given by which of the following?
A. M1 includes currency, coins, gold and silver, whereas M2 does not contain gold and silver. B. M1 is made up of currency and money in checkable accounts, whereas M2 contains M1 plus savings deposits and time deposits. C. M1 is limited to currency, whereas M2 contains M1 plus money in checkable accounts. D. M1 includes currency, whereas M2 contains M1 plus money in checking accounts.
Free trade is a zero-sum activity because a country always gains at the expense of its trading partner.
Answer the following statement true (T) or false (F)
Refer to the above diagram, in which S1 and D1 represent the original supply and demand curves and S2 and D2 the new curves. In this market the indicated shift in supply may have been caused by:
A. this product becoming less fashionable. B. an increase in the wages paid to workers producing this good. C. an increase in consumer incomes. D. the development of more efficient machinery for producing this good.