Economists typically agree that the special protection given to owners of patents tends to
A) reduce economic growth.
B) reduce productivity.
C) reduce expenditures on research and development.
D) increase expenditures on research and development.
D
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If V falls faster than M increases: a. nominal GDP increases
b. nominal GDP decreases. c. nominal GDP stays the same. d. there is an indeterminate effect on nominal GDP.
If Bountiful Orchard grows $100,000 worth of peaches, sells $50,000 worth of peaches to consumers and uses to rest to make jam that is sold to consumers for $100,000, Bountiful Orchard's contribution to GDP is:
A. $200,000. B. $150,000. C. $100,000. D. $50,000.
Recall the Application about how the collapse of the housing boom and the worldwide recession of 2007 led to problems for some countries in the Euro-zone to answer the following question(s). When the euro was launched in 1999, the vision of its founders was to use the monetary union to further unify Europe economically and politically. They envisioned a large economic market, comparable to the United States with integrated goods and financial markets. They believed that by moving to a single currency with agreements on a number of fiscal rules that they could achieve economic stability and growth.Recall the Application. Greece faced a major financial crisis in 2010 as its budgetary imbalance became quite severe. Since Greece is a member of the Euro-zone, it could no longer ________ as a
potential solution to its financial problems. A. depreciate its currency B. cut spending C. raise taxes D. reduce wages and prices
Assume that taxes depend on income. The MPC is 0.8 and t is 0.25. The government spending multiplier is
A. 1.67. B. 2.5. C. 5. D. 10.