Legal entitlement to scientific discoveries, inventions, innovations and intellectual property
A) reduces the incentive to invest in research and development.
B) results in an equal distribution of income and profits.
C) encourages technological advancements.
D) protects production on the basis of tradition, social customs and habits.
C) encourages technological advancements.
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When the Fed increased the volume of discount loans after the terrorist attacks of September 11, 2001, it was trying to achieve
Discretionary monetary policy is defined as policy
A) that is based on the judgments of policymakers. B) for which the markets make all decisions. C) that is pursued regardless of the current state of the economy. D) that responds to a changing economy with predetermined rules. E) for which the policymaker always publicizes the policy as extensively as possible because its effectiveness depends on the public's knowledge of the policy.
What would be the most likely effect in the market for OPEC oil if the U.S. were to impose a legal ceiling price on crude petroleum produced domestically? Assume their price is far below the current world price?
A) The demand would decrease. B) The demand would increase. C) The supply would decrease. D) The supply would increase. E) Only the quantity would change, not the demand or the supply.
Explain how the financial crisis turned into a major economic crisis
What will be an ideal response?