In the United States, a patent lasts
A. 20 years.
B. 14 years.
C. forever.
D. 7 years.
Answer: A
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Which of the following sets of goods might, under the right circumstances, be substitutes for an automobile?
A) Buses, trains, planes B) Powerboats, blimps, motorcycles C) Motels, tents, cardboard boxes D) Designer suits, fine wines, fancy homes E) All of the above.
Describe the Coase theorem and explain why it is significant in the analysis of externatility problems.
What will be an ideal response?
The quantity of savings that people are willing to supply will depend on:
A. the price they will receive. B. the amount they have left over after consumption. C. their disposable income. D. their age, since people tend to stop saving once they retire.
Economists typically measure efficiency using
a. the price paid by buyers. b. the quantity supplied by sellers. c. total surplus. d. profits to firms.