A patent:
a) Is a government grant of exclusive ownership of an innovation.
b) Requires a firm to share its innovations with others.
c) Protects a perfectly competitive firm from competition.
d) Is an illegal method to protect an innovative idea.
Answer: a) Is a government grant of exclusive ownership of an innovation.
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Default risk arises from the fact that
A) borrowers differ in their ability to repay in full the principal and interest required by a loan agreement. B) the bond price drops when interest rates rise. C) it is inherently riskier to wait for a capital gain than to receive an immediate interest payment. D) interest rates are far more likely to go up than to go down.
Total costs:
A. are fixed costs plus variable costs. B. include explicit and implicit costs. C. increases as the firm increases output. D. All of these are true.
Why is the money multiplier considered to be a potential multiplier rather than an indication of exactly how much multiplication should be expected?
Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.
Figure 28.1Refer to Figure 28.1. At a wage rate of $9, there is a ________ of labor equal to ________ million people.
A. surplus; 120 B. surplus; 210 C. shortage; 210 D. None of the above are correct.