For which of the following firms is patent protection of vital importance?
A) furniture producers
B) software firms
C) pharmaceutical firms
D) auto makers
Answer: C
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The table shows the distribution of human and non-human capital for two people, Sam and Janet
a) Looking just at tangible assets (non-human capital), by how many times does Janet's wealth exceed Sam's? b) Assume that both human and non-human capital earn a 10 percent annual interest rate. Calculate Sam's and Janet's total income. c) By how many times does Janet's total income exceed Sam's? d) Which comparison results in a more equal distribution? e) Which comparison gives a better indication of each person's economic condition?
A market economy benefits from market power
A) if firms with market power do research and development with the profits earned. B) if market power gets so bad the government creates public enterprises. C) if the majority of the population are entrepreneurs. D) under no circumstances.
A nation must have an absolute advantage in order to have a comparative advantage in producing a good or service
Indicate whether the statement is true or false
If Boring were able to move first in a sequential version of the game in Scenario 13.15, the equilibrium would be
A) an $80 price for Simple and a $70 price for Boring. B) an $80 price for Simple and a $25 price for Boring. C) a $35 price for Simple and a $70 price for Boring. D) a $35 price for Simple and a $25 price for Boring. E) a mixed strategy equilibrium.