Patent laws
a. reduce incentive to innovate by restricting market entry
b. reduce incentive to innovate by making it difficult to use the patented innovation
c. increase incentive to innovate by restricting entry into a market
d. increase incentive to innovate by giving a firm permanent and exclusive production rights
e. give a firm the right to provide a wide variety of goods or services
C
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A conservative philosophy of land distribution would not support which of the following?
a. High minimum acreage rules for people buying land b. High minimum prices for land c. Credit payments for the land
Compared to a reduction in tax rates, a one-time tax rebate will exert
a. a weaker impact on aggregate demand because the increase in the incentive to earn and impact on long-term income will be smaller for the temporary tax cut. b. a stronger impact on aggregate demand because both the increase in the incentive to earn and impact on long-term income will be larger for the temporary tax cut. c. an identical impact on aggregate demand because the size of the budget deficit will be the same regardless of whether the tax cut is temporary or permanent. d. an identical impact on aggregate demand because the incentive effects of a tax cut will be the same regardless of whether it is temporary or permanent.
The opportunity cost of an activity means the:
A. amount of money the activity costs. B. expected gains minus the expected costs of engaging in the activity. C. expected gains by engaging in the activity. D. amount of other things that must be sacrificed in order to engage in the activity.
The main difference between a monopsonist and a competitive buyer of labor is that
A) the competitor can hire as many workers as it wants at the going wage while a monopsonist can force wages down when hiring additional workers. B) the competitor can hire as many workers as it wants at the going wage while a monopsonist must raise wages to hire additional workers. C) the competitor is a small firm while the monopsonist is a large firm. D) the competitor is also a competitor in product markets while the monopsonist is also a monopoly in product markets.