What is the name of the agreement related to intellectual property rights?
What will be an ideal response?
TRIPS, or Trade-Related Aspects of Intellectual Property Rights agreement
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Marginal benefit is defined as
a. the net gain from a particular level of an activity. b. the additional benefit gained from the last unit of an activity. c. the difference between total benefits and total costs of a particular level of an activity. d. the difference between variable costs and fixed costs.
A country that has a lower opportunity cost of producing a good:
a. has a comparative advantage. b. can produce the good using fewer resources than another country. c. requires fewer labor hours to produce the good. d. all of these.
When the Fed sets a money supply target,
a. it expects the economy is heading toward recession b. the demand for money adjusts to the discount rate c. the legal reserve requirement becomes ineffective d. the resulting interest rate is set as well e. the interest rate is determined solely by the position of the demand curve for money
An essential characteristic of a monopoly is:
A. only one buyer must exist. B. there can only be a few sellers in the market. C. the good must have no close substitutes. D. many buyers must exist.