The benefits from research and development activities
A. are limited to the firms investing in similar research and development projects.
B. are limited to the nation in which the research and development is taking place.
C. are limited to the firm winning a patent.
D. spill over to others, including foreign residents.
Answer: D
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Refer to Scenario 5.10. If Hillary invests 30 percent of her savings in the real estate project and the remainder in Treasury bills, the expected return on her portfolio is:
A) 4 percent. B) 11.8 percent. C) 17 percent. D) 22.2 percent. E) 30 percent.
Short-run decisions refer to the:
A. hourly, daily, or weekly decisions that firms have to make. B. immediate decisions that firms have to make that affect the production process, not level of output. C. immediate decisions that firms have to make that affect level of output, but not the production process. D. decisions a firm has to make immediately to prepare for either entering or exiting an industry.
If the price rises and the total amount consumers spend on the good falls, then demand must be
A. perfectly inelastic. B. elastic. C. perfectly elastic. D. inelastic.
Refer to the graph shown. If government establishes a minimum wage at $7.25 per hour:
A. there will be a shortage in this labor market. B. employers will be unable to find enough qualified applicants to fill the available positions. C. the number of job seekers will exceed the number of job vacancies, resulting in some unemployment. D. employers will be forced to hire 900 workers, resulting in reduced profits.