The federal government awards a patent holder the exclusive right to make, use, and sell an invention for a period of
A) 20 years.
B) 17 years.
C) unlimited period.
D) 100 years.
A
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If the market for a product is broadly defined, then
A) there are many substitutes for the product and the demand for the product is relatively elastic. B) the good has many complements. C) the expenditure on the good is likely to make up a large share of one's budget. D) there are few substitutes for the product and the demand for the product is relatively inelastic.
Which of the following is NOT true of the interest rate channel?
A) Bank loans play no special role. B) The Fed changes the real interest rate which affects the components of aggregate expenditures. C) Borrowers are indifferent as to how and from whom they raise funds. D) Alternative sources of funds are not substitutes for each other.
Barbie is deciding whether to play soccer or go swimming over the next hour. She decides to swim. Economists would conclude that Barbie:
A. is revealing a preference for swimming over soccer. B. will get less utility from swimming during the next hour than playing soccer. C. was unable to play soccer at that time. D. is more skilled at swimming than playing soccer.
Which of the following is not potentially a barrier to entry into the widget market?
A. Patent protection on the design of widgets B. High prices for widgets C. Government licensing of widget producers D. Massive advertising by existing widget producers