Intellectual property rights provided by patent systems typically ________
A) provide tax incentives to encourage research and development
B) allow for the depreciation of capital
C) compensate the government for building infrastructure
D) last about twenty years
D
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The economy needs some unemployment to operate efficiently, because without it
A) workers will find it difficult to find a job, leading to reduced wages and prices. B) firms will find it difficult to recruit workers, leading to increased wages and prices. C) firms will find it difficult to recruit workers, leading to reduced wages and prices. D) workers will find it difficult to find a job, leading to increased wages and prices.
In the above figure, an increase in cost of the cheese used to produce pizza
A) shifts the supply curve from S to S1. B) shifts the supply curve from S to S2. C) results in a movement from point a to point b. D) results in a movement from point b to point a. E) has no effect.
When single-input producer choice sets are non-convex, the first order condition of the profit maximization problem is neither necessary nor sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)
A relationship that depends on the basic behavior of consumers and firms and remains unchanged over long periods is called a ________ relationship
A) cyclical B) structural C) frictional D) dynamic