The supply curve of a one-of-a-kind original painting is:
A. relatively elastic.
B. relatively inelastic.
C. perfectly inelastic.
D. perfectly elastic.
Answer: C
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A patent is a government protection that gives
A) monopolies the right to be sole producers due to economies of scale. B) consumers the right to sue when products are unsafe. C) companies the right to produce any good they choose. D) inventors exclusive rights to their product for a time.
Suppose that the United States decided to subsidize a major competitive effort by the semiconductor industry to bring to market the next generation computer chip. Under the current rules of the WTO and GATT, the U.S. effort is
A) allowed as long as the subsidies are a small percent of the total cost. B) allowed as long as the subsidies do not involve a direct payment to the industry. C) not allowed. D) neither allowed nor disallowed. E) allowed as long as the subsidies do not succeed in creating a new product.
Which of the following jobs is most likely to have a positive compensating wage differential?
a. economist b. baker c. accountant d. stunt person e. computer programmer
How can an economy's consumption expenditures be larger than its national income?