Patent and copyright laws encourage
a. creative activity.
b. lower prices due to decreasing average total costs.
c. competition among firms.
d. All of the above are correct.
a
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A recent accounting graduate from a major business school is searching for a place to begin his career as an accountant. This individual is best considered as
A) structurally unemployed. B) seasonally unemployed. C) cyclically unemployed. D) frictionally unemployed.
The total amount of required reserves in the banking system is equal to the ________ the required reserve ratio and checkable deposits
A) sum of B) difference between C) product of D) ratio between
What does a vertical Phillips curve in the long run imply? a. In the long run, the rate of unemployment will converge toward zero. b. Higher inflation does not permanently reduce the rate of unemployment. c. Higher inflation increases the rate of unemployment
d. Higher inflation lowers the rate of unemployment.
If the production possibilities curve in France is bowed out and the curve in Spain is a straight line, then we know that
a. no trade can take place between France and Spain b. the terms of trade will always be in favor of France c. the terms of trade will always be in favor of Spain d. the law of increasing costs apply to France but not to Spain e. the law of increasing costs apply to Spain but not to France f. the opportunity costs of producing goods in France are constant