Differentiate between a patent and a copyright
What will be an ideal response?
A patent is the privilege granted to an individual or company by the government, which gives them the sole right to produce and sell a good. On the other hand, a copyright is an exclusive right granted by the government to an author's intellectual property.
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When the price of a good rises from $5 to $7 a unit, the quantity supplied increases from 110 to 130 units a day. The price elasticity of supply is _______. The supply of the good is _______
A. 60; elastic B. 10; elastic C. 0.5; inelastic D. 2; inelastic
U.S. Treasury bills are considered the safest of all money market instruments because there is a low probability of
A) defeat. B) default. C) desertion. D) demarcation.
Decisions on the Fed’s buying and selling of government securities to control the U.S. money supply are made by
a. the Federal Open Market Committee. b. Federal Reserve Banks. c. the Board of Governors. d. the president of the New York Federal Reserve Bank.
The most basic concepts on which the social science of economics rests are
a. consumers and producers. b. money, interest rates, and exchange rates. c. supply and demand. d. scarcity and choice.