Patents grant the inventor the exclusive rights to sell goods made with the invention
A. for a limited duration.
B. forever.
C. as long as the inventor charges what are viewed as reasonable prices.
D. as long as the inventor is alive.
Answer: A
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Americans viewed the 12 percent mortgage interest rates of the 1980s as exorbitantly high while they considered the 7 percent mortgage interest rates of the late 1990s as reasonable. This represents a confusion of
A. actual and expected inflation. B. real versus nominal inflation. C. real versus expected mortgage payments. D. real versus nominal interest rates.
Refer to Figure 9-2. Without the tariff in place, the United States consumes
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.
An increase in the value of a country's currency is known as ________
A) a spot exchange rate B) a depreciation of its value C) an appreciation of its value D) a backward exchange rate
A profit maximizing firm will hire additional workers until
A) the additional cost associated with hiring the last worker equals the average wage rate of the workers. B) the additional cost associated with hiring the last worker equals the additional revenue generated by that worker. C) the extra revenue generated by the last worker hired equals zero. D) the extra cost associated with hiring the last worker equals the price of the good produced.