Although patents are a ________, they also provide ________.
A. barrier to entry; an incentive for invention and innovation
B. barrier to entry; for free entry of new firms
C. collusive agreement; for free entry of new firms
D. collusive agreement; an incentive for invention and innovation
Answer: A
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In the context of formulating environmental policy, President Reagan’s Executive Order 12291 is primarily responsible for the increased use of
a. benefit-cost analysis c. risk-benefit analysis b. risk-risk analysis d. relative risk reduction
Which of the following will result in the most deadweight loss?
A) a natural monopoly regulated with marginal cost pricing B) an unregulated natural monopoly C) a natural monopoly regulated with average cost pricing D) All of the above result in the same deadweight loss.
The effect of an initial spending change causing a larger change in overall output is:
A. the multiplier effect B. crowding out. C. the income effect. D. the substitution effect.
What is the difference between Nominal GDP and Real GDP?
a. Real GDP is a figure adjusted for exchange rate differences among countries. b. Real GDP is a figure adjusted for inflation. c. There is no difference at all. Real GDP is a synonym for Nominal GDP. d. Real GDP measures goods and services produced within a nation's borders, and nominal GDP measures goods and services produced by domestic resources anywhere in the world e. Nominal GDP is a better measure of a nation's economic health (i.e., standard of living) than Real GDP.