Which of the following would tend to narrow the gap between the private return to innovation and the social return to innovation?
A. An increase in scientific productivity
B. A patent system
C. More spending on R&D
D. Competitive markets
Answer: B
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In a Nash equilibrium, each player takes the best possible action given the actions of the other players
Indicate whether the statement is true or false
Refer to Figure 16-1. Suppose the economy is in short-run equilibrium below potential GDP and Congress and the president lower taxes to move the economy back to long-run equilibrium. Using the static AD-AS model in the figure above, this would be depicted as a movement from
A) A to B. B) C to B. C) A to E. D) B to A. E) B to C.
A bank's total reserves consist of
A. vault cash and Treasury bills. B. vault cash only. C. all assets. D. vault cash and reserve deposits held at a regional Federal Reserve Bank.
One of the primary functions of markets could be labeled
a. stimulation. b. coordination. c. planification. d. decentralization.