If there is an adverse supply shock and the Federal Reserve responds by increasing the growth rate of the money supply, then in the short run the Federal Reserve's action will raise inflation and lower unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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Hotelling's model has been used to describe differentiation in the political "market." Suppose that 100 voters are evenly distributed between the extreme left and the extreme right on the political spectrum, and that all voters vote, and they always vote for the candidate closest to them on this spectrum. The numbers on this spectrum represent the number of voters lying to the left of the number. So, at the midpoint, fifty voters lie to the left and fifty to the right. At the extreme right end, all 100 voters lie to the left. 
If Candidate X is running against Candidate Z, by moving to the right Candidate X would:
A. force Z to move farther to the right in order to keep the same number of votes. B. not lose any votes from voters on the left and gain some votes from Z. C. lose some votes from voters on the far left but gain approximately the same number of votes from Z. D. win the election if the move placed X anywhere to the right of 25 on the spectrum.
Suppose the government taxes a company that produces plastic water bottles and at the same time consumers become hesitant to use plastic water bottles due to the fear of toxins in the plastic. What would happen in the market to the equilibrium price and quantity of plastic water bottles?
A. Price increases and quantity is indeterminate. B. Quantity decreases and price is indeterminate. C. Quantity increases and price is indeterminate. D. Price decreases and quantity is indeterminate.
What are the three basic economic decisions each household must make?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1) Trade secrets confer more robust protection that patents. 2) A patent request will meet the nonobviousness condition if it is not obvious to a person with ordinary skill working in the area. 3) In the absence of patent rights, society can still achieve the optimal amount of innovation. 4) Trade secrets do not need governmental approval to protect it. 5) An important difference between a patent and a trade secret is that a patent holder must disclose the workings of the patent and the trade secret owner is not required to disclose the trade secret.