The U.S. patent system
a. makes general knowledge excludable.
b. makes specific, technical knowledge excludable.
c. creates a disincentive to invent.
d. Both a and b are correct.
b
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The social interest theory of regulation is defined as the
A) use of regulations to maximize firms' profits. B) use of regulations to assure an efficient use of resources. C) removal of regulations on business activities. D) implementation and removal of regulations on the cable TV industry. E) use of rate of return regulation.
The problem of the commons is the absence of incentives to prevent overuse and depletion of the common resource
Indicate whether the statement is true or false
The CPI overestimates inflation because
a. it often ignores the invention of new goods. b. it always includes discount stores. c. it allows substitution from more expensive goods to cheaper goods. d. all of the above.
Temporary tax cuts would cause
A) the AA-curve to shift left. B) the AA-curve to shift right. C) the DD-curve to shift left. D) the DD-curve to shift right. E) a shift in the AA-curve, although the direction is ambiguous.