A government protection for an inventor that provides the inventor with the right to make use of her invention in any way she desires is
A) a trademark. B) an innovation. C) a patent. D) a copyright.
C
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The income-expenditure identity is best paraphrased as
A) all spending generates income. B) all profits are used for investment spending. C) on average, consumers cannot save. D) on average, government can spend no more than what it collects in income taxes.
In perfect competition, an increase in fixed costs will eventually cause all except
A. reduction in industry output. B. reduction in a firm’s output. C. reduction in the number of firms. D. decrease in industry supply.
Recessions in the United States typically are:
A. widely felt outside the United States. B. confined to the domestic economy. C. limited to specific regions of the country. D. limited to a few industries.
Suppose we observe the price level increasing and real GDP decreasing. An explanation for this is that
A. the dollar strengthened and the effect on aggregate supply was less than the effect on aggregate demand. B. the dollar weakened and the effect on aggregate supply was less than the effect on aggregate demand. C. the dollar strengthened and the effect on aggregate supply was greater than the effect on aggregate demand. D. the dollar weakened and the effect on aggregate supply was greater than the effect on aggregate demand.