Patents represent
A) the protection given to new products by the law.
B) how R&D spending translates into new ideas.
C) the extent to which firms benefit from the results of their own R&D spending.
D) the rate of technological progress.
A
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According to the policy irrelevance proposition, real Gross Domestic Product (GDP) is determined by
A) the economy's long-run aggregate supply curve. B) a combination of fiscal policy and monetary policy. C) the rate of inflation only. D) the economy's aggregate demand curve.
Suppose the market-clearing price of milk is $3.00 per gallon, but the diary industry persuades the government to establish a legally-mandated price support at $4.00 per gallon. The newly legislated price tends to
A) reduce the demand for milk. B) increase the production of milk. C) create a shortage of milk. D) decrease the price of milk products.
The Friedman rule works because
A) it maximizes productivity. B) it eliminates over-consumption. C) it encourages people to hold the appropriate quantity of money. D) it can be implemented by the private sector.
"The marginal utility received from each additional unit of a good consumed declines, other things constant." This is a statement of the law of
a. increasing marginal returns b. marginal rate of substitution c. supply d. diminishing marginal utility e. demand