An exclusive right granted by government for a number of years to an inventor of a product is a:
A. copyright.
B. license.
C. franchise.
D. patent.
Answer: D
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In the short run, even if a monopoly's total revenue does not cover its variable costs, it should continue to produce because ultimately in the long run, the monopoly will start earning profits
Indicate whether the statement is true or false
A higher wage raises a worker's income, increasing the demand for all ________ goods, including leisure, so the quantity of labor supplied to market work decreases
a. inferior b. substitute c. normal d. complementary
Typically, as an economy begins to emerge from a recessionary phase of the business cycle
A) unemployment falls immediately. B) unemployment continues to rise. C) inflation begins to fall. D) investment begins to fall.
Which of the following types of countries has experienced increasing inequality in recent decades?
A. Poor countries B. Countries with low economic growth C. Rich countries D. All of these have experienced increasing inequality.