Strong patent laws encourage innovation and promote economic growth.
a. true
b. false
Answer: a. true
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When an economy is operating with maximum efficiency, the production of more of commodity A will entail the production of less of commodity B because
A. resources are specialized and cannot be easily reallocated. B. resources are limited. C. the structure of demand is fixed at any point in time. D. material wants are insatiable.
The additional capital requirements put in place following the banking crisis of the 1980s led to a:
A. further slowdown in bank lending. B. prolonged economic slowdown lasting much of the 1990s. C. period of rapid economic growth in the early 1990s. D. quick rebound in the willingness and ability of banks to make loans.
During the 1970s, real shocks to the U.S. economy caused:
a. an increase in both aggregate demand and aggregate supply. b. an increase in both the price level and the unemployment rate. c. a leftward shift of the Phillips curve. d. a decline in inflation but higher unemployment. e. a decline in both the price level and the unemployment rate.
On car insurance policies, Countrywide Insurance Company offers drivers an option: Policy 1 features a deductible of $1,000, and it requires a driver to pay an annual premium of $500 . Policy 2 features a deductible of $250, and it requires a driver to pay an annual premium of $1,000
a. In offering these two policies, Countrywide is engaging in illegal price discrimination. b. In offering these two policies, Countrywide is screening drivers. c. Policy 1 is more of a burden for safe drivers than it is for risky drivers. d. In offering these two policies, Countrywide is signaling their quality to drivers.