When a firm is awarded a patent, it is given monopoly rights to the production of that product for ________ years.
A. 10
B. 20
C. 30
D. 50
Answer: B
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Which term below fits closest to money functioning as a unit of accounting?
A) medium of exchange B) adverse selection C) standard of value D) liquidity
The law of demand asserts that: a. output prices are more important than input prices
b. when people want a good badly enough they will find a way to pay for it. c. people want to buy more of goods that are priced very high because of their prestige. d. the quantity of a good that people will buy is inversely related to the product's price.
Suppose the economy currently has some underutilized resources. The Fed engages in expansionary monetary policy. The impact of expansionary monetary policy will be to
A. increase short-run aggregate supply, decrease prices and increase real GDP. B. increase aggregate demand, increase prices and increase real GDP. C. increase short-run aggregate supply, decrease in prices and decrease in real GDP. D. increase aggregate demand, increase prices and decrease real GDP.
Which of the following transactions is not counted in? GDP?
A. The U.S. government pays for national defense B. A business buys new computers for its workers C. Consumer buys a new house D. Consumer mows his own lawn.