Society gains from a patent if the product would not otherwise be developed.
Answer the following statement true (T) or false (F)
True
Economics
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How does the income approach measure GDP?
What will be an ideal response?
Economics
If society decides it wants more of one good and ________, then it has to give up some of another good and incur some opportunity costs
A) new resources are discovered B) all resources are fully utilized C) technology advances D) resources are underutilized
Economics
During the 1990s, the nominal price of crude oil ____ and the real price ____
a. leveled off; fell b. fell; leveled off c. rose; fell d. fell; rose
Economics
Exit from a market will occur if economic profits are zero
Indicate whether the statement is true or false
Economics