Monopoly rights give inventors and entrepreneurs incentives to innovate and create new products and services.
Answer the following statement true (T) or false (F)
True
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If your income stays the same and the price level increases, you will buy fewer goods and services due to the
A) interest rate effect. B) real-balance effect. C) open economy effect. D) aggregate balances effect.
The tariff levied in a "large country" (Home), lowers the world price of the imported good. This causes
A) foreign consumers to demand less of the good on which was levied a tariff. B) domestic demand for imports to decrease. C) domestic demand for imports to increase. D) foreign suppliers to produce less of the good on which was levied a tariff. E) no change in the foreign price of the good it imports.
What is the effect of important restrictions on prices?
a) they cause prices to drop b) they cause prices to rise c) they often cause prices to rise steeply and then drop d) they usually do not have any lasting effect on price
The U.S. legal system mainly engages in activities that
A. involve defining and protecting property rights. B. focus on producing public goods. C. are dedicated to producing private goods. D. focus on income redistribution.