Patent protection is important in affecting technological progress because it makes research and development
A) diffuse more quickly.
B) more fertile.
C) more easily available.
D) more appropriable.
E) none of the above
D
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The broadly-defined money supply in the U.S., called M2, differs from M1 primarily in its inclusion of
A) bonds of all sorts held by the public. B) outstanding charge-account balances. C) savings deposits in financial institutions. D) Treasury bills held by the public. E) credit cards.
An increase in the value people place on their actual time spent working will shift the labor ________ curve to the ________.
A. supply; right B. demand; left C. supply; left D. demand; right
High price and low total utility indicate
A. low marginal utility. B. large quantities are sold. C. high marginal utility. D. a high price/marginal utility ratio.
If marginal cost exceeds average variable cost but is less than average total cost, then as output increases average total cost ________ and average variable cost ________
A) increases; decreases B) decreases; decreases C) increases; increases D) decreases; increases