The primary purpose of patents and copyrights is to
A) provide owners with large profit forever.
B) protect firms from being taken advantage of by competing firms.
C) protect domestic firms from foreign competition.
D) encourage the expenditure of funds on research and development to create new products.
Answer: D
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A change in the capital stock ________ the short-run aggregate supply curve and ________ the long-run aggregate supply curve
A) shifts; shifts B) shifts; does not shift C) does not shift; shifts D) does not shift; does not shift
Between 1945 and 1950, the U.S. price level rose by one-third. This increase was complemented by which of the following?
(a) An increase in nominal and real GDP (b) An increase in nominal GDP but a decrease in real GDP (c) An increase in real GDP but a decrease in nominal GDP (d) Stable nominal and real GDP
The demand for computers increases. As a result
A) the quantity demanded of workers increases, the wage rate rises, and the supply of labor increases. B) the demand for workers increases, hiring increases, but wages stay the same since each firm faces a horizontal supply curve of labor. C) the wage rate increases in the industry and the quantity demanded of workers falls. D) the wage rate increases in the industry and the quantity supplied of workers increases.
Suppose Stan owns a piece of property with a large lake. Initially, Stan and his family were the only people who swam in the lake. Then Stan started selling tickets to people who wanted to go swimming in the lake. When Stan died, he left the lake and the land it was on to the state, stipulating that the lake be left open to the public for swimming. Due to the lake's remote location, it was never crowded. When Stan started selling tickets to the public, the lake became a ________ good.
A. collective B. private C. public D. commons