The reason that patents are granted is
A) to encourage a high rate of consumption.
B) to protect new techniques developed through research and development.
C) to encourage free trade.
D) to increase the labor force.
B
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Comment on the following statement: "When firms are earning positive profits, the industry supply curve will shift to the right."
What will be an ideal response?
The underlying assumption of the Harrod-Domar growth model is that
a. the incremental capital-output ratio is given by k ? Y/K. b. growth is mainly determined by capital accumulation. c. growth can be sustained only if agricultural productivity rises. d. developing countries save too much and invest too little.
Use a figure to explain how a balance of payments crisis and its hand in capital flight
What will be an ideal response?
Assuming a worker's money wage rose from $10 per hour to $20 per hour while all product price have doubled, then in the classical model, this worker would
a. supply more labor after the wage increase. b. supply less labor after the wage change. c. supply the same amount of labor after the hourly wage increase. d. demand less leisure.