The longer a patent lasts,
A) the greater the potential economic profits available to an innovator.
B) the lower the deadweight loss.
C) the lower the average costs of production.
D) the less innovation there will be.
A
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The above figure shows the market for DVDs. The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs
After this price ceiling is in effect and taking account of the resources lost in search, consumer surplus equals ________. A) $900,000 B) $400,000 C) $200,000 D) $180,000 E) $100,000
Importing a foreign good increases the __________ the foreign currency and increases the __________ the currency of the importing country in the foreign exchange market
A) demand for; demand for B) demand for; supply of C) supply of; demand for D) supply of; supply of
Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will:
A. harm hat workers, benefit banana workers, but benefit the nation as a whole. B. harm hat workers, harm banana workers, but benefit the nation as a whole. C. benefit hat workers, harm banana workers, but harm the nation as a whole. D. benefit hat workers, harm banana workers, but benefit the nation as a whole.
________ shifts the IS curve to the right.
A. An increase in government spending B. An increase in the price level C. A decrease in the Z factors D. A decrease in government spending