Until recently, the drug maker Pfizer enjoyed a monopoly of the cholesterol-control drug Lipitor because of patent rights.
Answer the following statement true (T) or false (F)
True
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Which of the following statements accurately describes the growth of this economy?
a. The total spending in the economy grew faster than total production, with a price level change from PL1 to PL2.
b. Long-run economic growth is illustrated by the shift from LRAS2 to LRAS1.
c. The aggregate demand curve shifted from AD2 to AD1 due to increased spending by consumers, firms, and government.
d. The LRAS curve shifted further to the right than did the AD curve.
Joe quits his job as an insurance agent and opens his own sporting goods store. If his profits as measured by his accountant are greater than zero, then
A) he made a good move because he is earning above normal profits. B) his economic profit must be greater than zero. C) his opportunity costs must be zero. D) There is not enough information to determine his economic profit, if any.
Many economists believe
A) the Fed could have reduced the severity of the Great Depression by raising interest rates. B) the Fed could have reduced the severity of the Great Depression by encouraging banks to make fewer loans to insolvent businesses. C) bank failures increased the severity of the Great Depression. D) the severity of the Great Depression and the policies of the Fed were unrelated.
Assuming perfect perfect capital mobility, the BP schedule is
a. vertical. b. horizontal. c. upward sloping. d. downward sloping. e. flat.