MPP is the additional output that results from a one-unit increase in use of the input
a. True
b. False
Indicate whether the statement is true or false
True
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When the government grants an inventor a patent
A) he has the exclusive right to make, sell or use his invention for 5 years. B) the protection of a current invention would increase spending on R&D. C) the patent holder has less incentive to invest in R&D because one successful invention removes the need to develop others. D) the patent holder is guaranteed a profit on his invention.
An increase in the price level shifts the aggregate planned expenditure curve downward and results in a movement along the aggregate demand curve
Why does an increase in the price level result in a shift in the aggregate planned expenditure curve rather than a movement along it?
If we observe that when the price of ice cream rises by 10%, ice cream manufacturers increase the quantity supplied of ice cream by 20%, then the price elasticity of supply is 2
a. True b. False Indicate whether the statement is true or false
Unanticipated inflation is less of a problem than anticipated inflation
Indicate whether the statement is true or false