Which of the following is TRUE of trends in the number of new U.S. patents?
A. The number of new patents granted each year has remained unchanged since the early 1970s.
B. The number of new patents granted each year declined by more than 50 percent after 2001.
C. There was a surge in new patents in the latter part of the 1990s.
D. There was a steady increase in new patents throughout the 1970s.
Answer: C
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Representative democracy works best _____
a. to allocate resources when constitutional rules limit the scope of collective action b. to equalize income when constitutional rules mandate a simple majority rule for all collective decision-making c. with a strong executive branch d. external costs of collective decision-making are extremely high
Suppose a price ceiling is set by the government below the market equilibrium price. Which of the following will result?
a. The demand curve will shift to the left. b. The quantity demanded will exceed the quantity supplied. c. The quantity supplied will exceed the quantity demanded. d. There will be a surplus.
Jason is trying to decide whether to buy a bagel or a muffin for breakfast. The bagel costs $0.50 and has a marginal utility of 5 . The muffin costs $1 and has a marginal utility of 20 . Which should he buy and why?
a. The muffin, because it has a higher marginal utility b. The muffin, because it has a lower marginal utility c. The bagel, because it costs less d. The bagel, because it has a higher marginal utility per dollar e. The muffin, because it has a higher marginal utility per dollar
The pattern of generally __________ unemployment rates in Europe is typically attributed to the fact that European economies have a higher natural rate of unemployment.
a. lower b. higher c. stagnant d. rampant