Too few resources are devoted to the creation of knowledge because profit-seeking firms
a. undervalue knowledge in their pursuit of revenues.
b. overuse their patents.
c. tend to free-ride on the knowledge that others have developed.
d. tend to rely on existing employee knowledge.
c
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Assuming the required reserve ratio is 20 percent and total reserves are set at $20 billion, then the maximum amount of deposits would be
a. $100 billion. b. $40 billion. b. $4 billion. d. $60 billion. e. $120 billion.
List prices on new cars do NOT change very often, so
A) the real price of cars is very inflexible. B) the prices of new cars can only be flexible if there are changes in the cost of materials. C) price flexibility is not an important feature in the auto market. D) price flexibility shows up primarily through the negotiations between buyers and sellers.
If consumers' confidence in the economy rises
A. aggregate demand will shift leftward and the price level will fall. B. aggregate demand will shift rightward and the price level will rise. C. aggregate demand will shift leftward and the price level will rise. D. aggregate demand will shift rightward and the price level will fall.
Select the letter of the diagram in Figure 28.1 that best represents the effect of each event on the United States wheat market, ceteris paribus: The European Union tightens restrictions on the agricultural products that can be imported from the United States. (See Figure 29.4.)
A. a. B. b. C. c. D. d.