One problem associated with intellectual property is that
a. only one person can use it at a time
b. the patent system reduces incentives to create new intellectual property
c. the cost of producing it usually exceeds the benefit
d. encryption software creates monopoly power
e. the original producer has difficulty preventing non-paying beneficiaries from consuming the property
E
You might also like to view...
In the above table, between what two levels of output does one first observe the law of diminishing returns?
A) 0 and 1000 B) 1000 and 3000 C) 3000 and 4000 D) 4000 and 4500
Which of the following are NOT contractual savings institutions?
A) life insurance companies B) credit unions C) pension funds D) state and local government retirement funds
Suppose you plan on eating 50 potato chips. As you start consuming potato chips, your marginal utility is very high, but it begins to fall slowly until you’ve eaten 10 chips. After you have eaten 10 chips, your marginal utility decreases even faster with each additional chip. Marginal utility continues to decline until you’ve eaten 49 chips. The fiftieth chip does not give you any additional utility. After 50 chips, your mouth gets so salty that it is unpleasant to eat any more, so marginal utility is actually negative for those chips. How many chips should you eat in order to maximize your total utility?
a. 1 b. 10 c. 49 d. 51
When measured as a percentage of GDP, the U.S. national debt reached its highest levels as a result of:
a. World War II. b. the Vietnam War. c. the Bush economic recovery program. d. the Reagan defense buildup and tax cut.