A government grant that gives an inventor the exclusive right or privilege to make, use, or sell his or her invention is known as
A. a positive externality.
B. a patent.
C. a protectionism clause.
D. a negative externality.
Answer: B
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This year a firm produces $100 million worth of cars this year and sells $102 million worth of cars. Which of the following is true?
A) GDP for this year will increase by $100 million. B) GDP for this year will increase by $102 million. C) Inventory investment will increase by $2 million. D) GDP for this year will increase by $202 million. E) The premise of the question is wrong because it is impossible for a firm to sell more than it produces in a given time period.
The increase in interest rates that shook depository institutions began in the
A) 1950s. B) 1960s. C) 1970s. D) 1980s.
Moral hazard is illustrated by people who take greater risks after they purchase insurance
a. True b. False Indicate whether the statement is true or false
If actual output exceeds potential output, eventually:
A. both input prices and output will rise. B. input prices will fall and output will rise. C. both input prices and output will fall. D. input prices will rise and output will fall.