Patents stimulate technological advance by
A) allowing inventors to capture the economic rewards of their inventions.
B) making capital more productive.
C) providing information about the status of technical knowledge in the economy.
D) enabling the government to determine which potential technological advances firms should pursue.
A
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Based on the graph showing how the subprime share of home mortgages grew rapidly before the big decline, we can see that as adjustable mortgage rates ______, the share of subprime mortgages ______.
a. decreased; decreased
b. decreased; increased
c. decreased; remained unchanged
d. decreased; reached zero
Economists declare an economy to be efficient when there is ______.
a. equal wealth among all citizens b. less than 5 percent unemployment c. no opportunity for improvement d. no more scarcity
If more substitutes become available demand tends to become ____ elastic, and over time demand tends to become ____ elastic.
A. more; more B. less; less C. more; less D. less; more
The term "conspicuous consumption" was coined by ____________________.
Fill in the blank(s) with the appropriate word(s).