Patents grant their owners
a. a property right to new products and production processes that they have developed.
b. the exclusive right to use a newly developed process or product forever.
c. the right to use resources owned by their competitors.
d. an exemption from laws that prohibit price discrimination.
A
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By analyzing aggregate demand through its component parts, we can conclude that, everything else held constant, a decline in the inflation rate causes
A) an increase in real interest rates, an increase in investment spending, and a decline in aggregate output demand. B) a decline in real interest rates, a decrease in investment spending, and an increase in aggregate output demand. C) a decline in real interest rates, an increase in investment spending, and an increase in aggregate output demand. D) an increase in real interest rates, a decline in investment spending, and a decline in aggregate output demand.
If the supply curves for the following goods were plotted, they all would slope upward except one. Which is the exception?
a. red Corvettes b. yogurt c. diamond rings d. original copies of the Mona Lisa e. wine from Greece
According to James Duesenberry, knowing someone's absolute income tells us everything about that person's income status
Indicate whether the statement is true or false
A singular important link between politics and economics in LDCs is that
a. democracies are more productive than nondemocracies b. democracies must constantly make difficult budgetary choices c. political instability is incompatible with long-term private investment d. conservatives prefer larger military budgets e. liberals prefer higher education expenditures