A patent gives a firm the exclusive right to produce a product for
A. 2 years.
B. Forever.
C. 20 years.
D. 6 months.
Answer: C
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When the expenditure schedule is too low, the result is a(n)
A. unemployment surplus. B. inflationary gap. C. recessionary gap. D. budgetary gap.
The decisions of buyers and sellers that affect people who are not participants in the market create
a. market power. b. externalities. c. profiteering. d. market equilibrium.
Monetarists advocate that the
A. money supply should be increased during inflation and reduced during recession. B. money supply should be reduced during inflation and increased during recession. C. money supply should be increased by a constant rate year after year. D. counter cyclical approach to fiscal policy be adopted.
Explain why an external benefit leads to an under-allocation of resources to the production of a good
What will be an ideal response?