What is intellectual property?
A. The power of the mind to create new ideas for future use
B. The ability to use technology to solve problems.
C. Ideas that are legally protected from being used by others.
D. The ability of individuals to use their mind to solve real-world problems.
Answer is c. Ideas that are legally protected from being used by others.
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In a world of perfect information, if consumers could costlessly contract with private contractors to produce a good and there were no economies of scale,
a. firms would be unnecessary b. markets would be unnecessary c. consumers would be unnecessary d. consumers would face greater production costs e. firms would be more efficient than the market
In general, changes in the price level will change the:
A. real value of people's wealth and income. B. nominal value of cash balances. C. real value of consumption goods only. D. nominal value of consumption goods and the real value of durable goods.
Neo-Keynesians believe that the market power exercised by unions, monopolies, and particular resource suppliers created the Phillips curve
Indicate whether the statement is true or false
Figure 7-4
Following a rash of airplane bombs, the airlines have been forced to increase security at a cost of $30 million per year. The number of inspectors and machines does not vary with the number of passengers-the airlines must have sufficient staff available to handle the full-capacity load. Which graph in Figure 7-4 best illustrates the impact of the security expenditures?
a. 1
b. 2
c. 3
d. 4