Describe traditional knowledge and how it relates to current trade issues about intellectual property rights protection
What will be an ideal response?
Traditional knowledge is often embedded in cultural practices and every day activities of traditional societies and indigenous communities. It includes their knowledge of plants, animals, and the natural world, which has been gathered over generations. When that knowledge is expropriated and used by outsiders without recognition of its origin, it is not only unfair to the originators of that knowledge but also has the potential to harm them. For example, researchers may collect natural samples shown to them by traditional healers, isolate the key compounds in their laboratories, patent a new pharmaceutical or other product, and ignore the interests of the traditional community or the nation where they live.
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Under a managed float, if U.S. demand for British goods drops, which of the following actions would the Bank of England need to take in order to stop any movement in the dollar-pound exchange rate?
a. Buy British pounds for dollars in order to shift the demand curve for pounds leftward b. Sell British pounds for dollars in order to shift the supply curve for pounds leftward c. Sell British pounds for dollars in order to shift the supply curve for pounds rightward d. Buy British pounds for dollars in order to shift the demand curve for pounds rightward e. Do nothing, since purchasing power parity will correct the situation in the short run.
The market price is the typical price at which a good or service sells.
Answer the following statement true (T) or false (F)
An individual's demand curve slopes down because
A. the value of the marginal utility falls as the price falls. B. marginal utility falls as price falls. C. of the law of diminishing marginal utility and the rule of equal marginal utilities per dollar. D. of the rule that the marginal utility of the last unit must equal the price.
Hector has $1,000 a month to spend on clothing and food. The price of clothing is $50 and the price of food is $20. What is the equation for Hector's budget constraint?
A. Clothing + Food < $1,000 B. $50 × Clothing + $20 × Food = $1,000 C. $50 × Clothing + $20 × Food ? $1,000 D. ($50 × Clothing) / ($20 × Food) = $1,000