In 2013, what was the U.S. export of goods and services as a percentage of GDP?
a. 13.5%
b. 16.2%
c. 45.6%
d. 29.8%
a. 13.5%
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One reason patent protection is vitally important to pharmaceutical firms is
A) successful new drugs are not profitable. If firms are not granted patents many would go out of business and health care would be severely diminished. B) the approval process for new drugs through the Food and Drug Administration can take more than 10 years and is very costly. Patents enable firms to recover costs incurred during this process. C) the high salaries pharmaceutical firms pay to scientists and doctors make their labor costs higher than for any other business. Profits from patents are needed to pay these labor costs. D) that taxes on profits from drugs are very high; profits from patent protection enable firms to pay these taxes.
If a 10% currency appreciation results in a 10% decrease in the price of imported goods, then this is called
A) a complete pass-through. B) the Marshall Lerner condition. C) a partial pass-through. D) import inflation.
Regulation
A) always increases consumer surplus. B) passes the cost-benefit test. C) solves market failures of all size. D) None of the above.
In game in Scenario 13.8,
A) Y is a dominant strategy for IVY Corp. B) Z is a dominant strategy for IVY Corp. C) A is a dominant strategy for SAC Group. D) B is a dominant strategy for SAC Group. E) No firm has a dominant strategy.