A patent is a government-imposed entry barrier because
A) it allows a firm to achieve economies of scale.
B) it is a key input owned by the firm that is granted the patent.
C) it limits the quantity of a good that can be imported into a country.
D) it gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented.
Answer: D
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Assume the deposit expansion multiplier is 3.0. If the Treasury borrows $5 billion from the Non-bank public and spends it on the public, bank reserves will
A) rise by $5 billion. B) fall by $5 billion. C) rise by $15 billion. D) not change.
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
A production possibilities frontier with a ________ shape indicates increasing opportunity costs as more and more of one good is produced
A) linear B) bowed inward C) bowed outward D) perfectly horizontal
Refer to the graph below. The time horizon depicted in the graph:
A. Must be the immediate market period
B. Cannot be the immediate market period
C. Must be the long run, not the short run
D. Can be determined by focusing on the demand curve