Refer to the Article Summary. If the 12 nations that are a part of the TPP do agree to these stricter pharmaceutical patent laws as a way to increase intellectual property rights, all of the following would most likely occur except
A) more patents would be issued to pharmaceutical companies.
B) pharmaceutical companies would increase investment in the development of more experimental drugs.
C) fewer dollars would be spent on the development of new medicines.
D) pharmaceutical companies would consider expanding operations to these TPP nations.
C
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The only variable input used in producing bicycles in a small factory is labor. Currently four workers are employed; each works 40 hours per week and is paid $10 per hour. If fixed cost is $2,000 per week and total output is 10 bicycles per week, average cost is:
A. $260. B. $160. C. $360. D. $200.
The marginal rate of substitution of an isoquant curve is the rate at which:
A. inputs must be substituted for one another to keep costs constant. B. the marginal productivity of a factor declines. C. inputs must be substituted for one another to keep output constant. D. inputs are substituted for output.
Full employment is the rate of employment that results when:
A. all the labor resources of the economy are employed full time. B. cyclical unemployment has reached its maximum. C. everybody who wants a job can find one. D. only frictional and structural unemployment are present.
If price and total revenue vary in opposite directions, demand is:
A. perfectly inelastic. B. perfectly elastic. C. relatively inelastic. D. relatively elastic.