Intellectual property is
a. a special form of capital
b. a type of labor
c. a special type of service
d. cheap to produce, but expensive to transmit
e. a kind of entrepreneurial ability
A
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In the calculation of GDP by the expenditure approach, exports from the United States must be
A) subtracted because they are included in the consumption of a foreign country. B) ignored because they are not bought by U.S. citizens. C) subtracted if they are bought by foreign firms for investment purposes. D) added.
Which of the following statements correctly characterizes farm incomes in the second half of the 19th century?
a. Real per capita income fell. b. The rate of growth in real income per worker was negative. c. Nominal per capita income fell, but real per capita income remained unchanged. d. Growth rates in per capita income were positive, but small.
For a firm to maximize total profits through price discrimination, it should
a. Charge a high price to consumers with an inelastic demand and low price to consumers with an elastic demand b. Charge a low price to consumers with an inelastic demand and high price to consumers with an elastic demand c. Charge the same price to both sets of consumers by maximizing at MR=MC on the elastic demand d. Charge the same price to both sets of consumers by maximizing at MR=MC on the inelastic demand
When income increases, the demand curve for an inferior good
A) shifts to the right. B) shifts to the left. C) moves up along the demand curve for the product. D) remains constant.