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.
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
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.