A patent
A. makes a good that has recently been invented more expensive than it would otherwise be.
B. makes inventing the good less appealing.
C. is better for a writer of books than it is for an inventor of medicines.
D. is never sought for inventions anymore.
Answer: A
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________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries
A) Trade creation B) Trade diversion C) Trade exclusion D) Trade distortion
Confidence in Keynesian economics: a. diminished in the 1960s as the unemployment rate fell
b. flourished in the 1960s despite two major recessions. c. diminished in the 1960s as unemployment increased. d. diminished in the 1970s as inflation occurred simultaneously with two recessions. e. flourished through the 1980s despite Reagan's supply-side policies.
Using Figure 1.6, we know the production of 90 units of soda and 4 units of pizza is 
A. possible, but only if all resources were fully employed. B. impossible because we either do not have the resources or the technology. C. undesirable. D. possible, but there would be unemployed resources.
The cyclically adjusted deficit as a percentage of GDP is 2 percent in year 1. This deficit becomes 1 percent of GDP in year 2. It can be concluded from year 1 to year 2 that:
A. fiscal policy was expansionary. B. the federal government is increasing spending. C. the federal government is decreasing taxes. D. fiscal policy was contractionary.