By the time a drug enters the clinical trial phase of testing on humans,:
a. safety and effectiveness are no longer major concerns.
b. its approval is virtually assured.
c. the only step left in the process is testing to see if the drug accomplishes its intended purpose.
d. on average, five years of the overall patent life have already expired.
e. most of the investment in research and development has already been made
d. on average, five years of the overall patent life have already expired.
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If the equilibrium level of real GDP per year is greater than the full-employment level of GDP, then
A) the economy is at full employment with no price changes. B) the economy expands the level of real GDP. C) an inflationary gap occurs. D) a recessionary gap occurs.
Assume that policy makers are pursuing a fixed exchange rate regime. Assume that the economy is initially operating at the natural level (i.e., Y = Yn). Suppose an increase in wealth causes households to increase consumption. This wealth-induced increase in consumption will cause which of the following to occur?
A) The real exchange rate will be permanently higher in the medium run. B) The real exchange rate will be permanently lower in the medium run. C) The effects of this devaluation on the real exchange rate will be ambiguous in the medium run. D) The real exchange rate will be unchanged in the medium run.
Suppose Joe is maximizing total utility within his budget constraint. If the price of the last pair of jeans purchased is $25 and it yields 100 units of extra satisfaction and the price of the last shirt purchased is $20, then, using the rule of equal
marginal utility per dollar spent, the extra satisfaction received from the last shirt must be A) 2,000 units of utility. B) 500 units of utility. C) 100 units of utility. D) 80 units of utility.
Assuming no externalities exist, if a good's price is more than its marginal cost, then the benefits consumers derive are ________ than the cost of resources needed to produce it and ________ should be produced.
A. less; less B. less; more C. greater; less D. greater; more