There are circumstances where a prize may induce research effort better than a patent
Indicate whether the statement is true or false
T Offering a prize will call attention to the need for a discovery, and thereby attract effort to make the discovery, whereas patents reward individuals who make discoveries and presume the need for them.
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An increase in the costs of resources or inputs of production would shift the:
A) short-run aggregate supply curve rightward. B) short-run aggregate supply curve leftward. C) long-run aggregate supply curve rightward. D) long-run aggregate supply curve leftward.
If the Federal Reserve wished to engage in contractionary monetary policy, it could
A. lower the primary credit rate. B. raise the Federal Funds rate target. C. purchase government debt. D. lower the reserve ratio.
Combined, the consumer surplus and producer surplus at equilibrium is
A. as big as it can get. B. typically negative. C. lower than it would be at prices below equilibrium. D. lower than it would be at prices above equilibrium.
The real interest rate is the difference between ________ and ________.
A. the interest rate on a loan; the inflation rate B. nominal interest rate; depreciation C. frictional inflation rate; structural inflation rate D. inflation rate; GDP deflator