A professor at a university finds a way to reduce the costs of producing automobile glass. The method is very easy for anyone to copy. A company develops a substance which prevents eyeglasses from smudging. It receives a patent on the formula. Which of these are common technological knowledge?
a. the method to reduce costs of producing automobile glass, and the formula for the substance that prevents smudging
b. the method to reduce costs of producing automobile glass, but not the formula for the substance that prevents smudging
c. the formula for the substance that prevents smudging, but not the method to reduce costs of producing automobile glass
d. neither the method to reduce costs of producing automobile glass nor the formula for the substance that prevents smudging
b
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If the central bank can act as a lender of last resort during a banking panic, banks can
A) call in their loans to their customers and eventually restore the public's faith in the banking system. B) satisfy customer withdrawal needs and eventually restore the public's faith in the banking system. C) borrow more and more money from the central bank, and this will lower its reserves and decrease the public's faith in the banking system. D) encourage the public to borrow directly from the central bank, and this will worsen the banking panic.
It is often argued that if foreign goods are kept out of the domestic economy:
a. jobs will be lost at home. b. jobs will be created abroad. c. domestic consumers will enjoy product surpluses. d. jobs will be created at home. e. foreign consumers will suffer product shortages.
The highest form of competition is called
a. arbitrage. b. monopolistic competition. c. equilibrium. d. perfect competition.
The values of variables such as GDP expressed in current dollars are referred to as
A. the price index. B. real values. C. nominal values. D. a deflator.