U.S. patent laws establish property rights for inventors of new products
a. forever
b. until a superior invention comes along
c. for 3 years
d. for 10 years
e. for 20 years
E
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If 25 workers can pick 100 flats of strawberries per hour, then average product is
A) 100 flats per hour. B) 125 flats per hour. C) 75 flats per hour. D) 4 flats per hour. E) More information is needed about how many flats 24 workers can pick.
An increase in technology for producing personal computers leads to
A) an increase in the demand for personal computers. B) a decrease in the demand for personal computers. C) an increase in the supply of personal computers. D) a decrease in the supply of personal computers.
Game theory assumes rational behavior on the part of the players
Indicate whether the statement is true or false
Exhibit 20-3 Money market demand and supply curves
?
In Exhibit 20-3, assume an equilibrium with an interest rate of 15 percent and the money supply at $100 billion. The Fed uses its policy tools to move the economy to a new equilibrium at E2 with money supply of $150 billion and an interest rate of 10 percent. This change could be the result of a(n):
A. open market sale of securities by the Fed. B. higher discount rate set by the Fed. C. higher required-reserve ratio set by the Fed. D. open market purchase of securities by the Fed.