Patent laws that allow the inventor to maintain monopoly rights to an invention increase the price of the product and
a. increase the profitability of inventive activities, thereby speeding up technological developments.
b. increase the profitability of inventive activities, thereby slowing down technological developments.
c. decrease the profitability of inventive activities, thereby speeding up technological developments.
d. decrease the profitability of inventive activities, thereby slowing down technological developments.
A
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Wealth increases as a result of ________ and/or ________.
A. positive saving; crowding out B. positive saving; capital gains C. positive saving; capital losses D. negative saving (borrowing); capital gains
Firms in monopolistic competition have demand curves that are
A) horizontal. B) vertical. C) downward sloping. D) upward sloping. E) U-shaped.
M1 refers to:
A. Federal Reserve Notes and gold certificates. B. currency held by the public plus checking account balances. C. the largest of the money-supply definitions. D. bank loans.
Suppose when the price of coffee beans goes from $1 to $1.20 per pound, production increases from 90 million pounds of coffee beans to 110 million pounds per year. Using the mid-point method, the percentage change in quantity supplied is:
A. 18 percent B. 6.0 C. 0.6 D. 20 percent