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 negative externality. B) a patent.
C) a protectionism clause. D) a positive externality.
B
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Suppose the economy experiences a recessionary gap. Policymakers who believe that the private sector has failed to provide adequately, a host of services that would benefit society would favor which of the following policies to close the gap?
A) subsidies to private firms to spur production B) decreases in income tax rates C) increases in government purchases D) decreases in interest rates
Consider the following types of demand curves:
a. a vertical demand curve b. a horizontal demand curve c. a linear downward-sloping demand curve Which of the demand curves listed exhibits a price elasticity of demand coefficient that remains constant along the demand curve? A) a only B) b only C) a and b only D) a, b, and c
Each of the following is an industrial country except
A. Belgium. B. Germany. C. Vietnam. D. Sweden.
Most of the debates in the U.S. Congress center on
A) efficiency concerns. B) equity concerns. C) both efficiency and equity equally. D) market inefficiency.