The crucial incentive to produce new ideas comes from
A) patents and copyrights.
B) international trade.
C) rising population growth.
D) shortages of physical and human capital.
E) government economic guidance.
A
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Greatland and Superland both produce 5 million watches in a year. The opportunity cost of producing one watch is 2 shirts in Greatland, and the opportunity cost of producing one watch is 3 shirts in Superland
Which of the following statements is true? A) Superland has a comparative advantage in producing watches. B) Superland has an absolute advantage in producing watches. C) Greatland has a comparative advantage in producing watches. D) Greatland has an absolute advantage in producing watches. Consider two economies, Beta and Zeta. Each farmer in Beta can grow 1,000 pounds of apples in a year or 500 pounds of oranges. Each farmer in Zeta can grow 400 pounds of apples or 1,200 pounds of oranges in a year.
Which is the most popular tool of the Fed used to control the stock of money?
A) Manipulating reserve requirements. B) Buying and selling government bonds. C) Manipulating the discount rate. D) Issuing new U.S. Treasury bonds.
Which of the following statements about price elasticity of demand is false?
A) The value of the price elasticity of demand along a downward-sloping demand curve is always negative. B) If quantity demanded changes by a larger percentage than the percentage change in price, demand is elastic. C) The value of the price elasticity of demand is the reciprocal of the value of the demand curve's slope. D) A linear downward-sloping demand curve has a varying price elasticity coefficient.
Refer to Figure 24-3. Suppose the economy is at point A. If government spending increases in the economy, where will the eventual long-run equilibrium be?
A) A B) B C) C D) D