Why does the government sometimes give monopoly power to a company by issuing a patent?
(A) The government does not want competition for the product.
(B) The company pays the government for the patent.
(C) The company can then profit from their research without competition.
(D) The company makes a product better than anyone else's.
Answer: The company can then profit from their research without competition.
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Labor demand is decreasing in the wage because
A) the substitution effect is larger than the income effect. B) the income effect is larger than the substitution effect. C) the production function is concave. D) the marginal product of labor is increasing in labor.
According to psychologist __________, physiological needs must be met before higher-order needs are undertaken
a. Abraham Maslow b. Peter Drucker c. A. J. Boothe d. Sal Schilling
Which one of the following examples is a cash assistance program used to fight poverty in the United States?
a. Medicaid. b. SNAP (food stamps). c. Home energy assistance. d. Head Start. e. Temporary Assistance to Needy Families (TANF).
If inflation is expected by both borrowers and lenders, then we would expect
a. real rates to be higher than nominal rates of interest. b. real rates to be equal to nominal rates of interest. c. real rates to be lower than nominal rates of interest. d. nominal rates of interest to be less than the expected inflation rate.