Internationally, the TRIPS agreement is uniformly regarded as a positive step for world prosperity
Indicate whether the statement is true or false
FALSE
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Refer to Figure 6.1. At which point on the total product curve is the average product of labor the highest?
A) point A. B) point B. C) point C. D) point D. E) none of the above
An increase in the price level caused by a rightward shift of the aggregate demand curve is called:
a. cost-push inflation. b. supply shock inflation. c. demand shock inflation. d. demand-pull inflation.
If the demand for a good is inelastic, an increase in its price will result in a decrease in total revenue
a. True b. False Indicate whether the statement is true or false
Assume the production of a good causes a negative externality. In the market equilibrium, the marginal consumer values the good at
a. less than the social cost of producing it. b. less than the private cost of producing it. c. more than the social cost of producing it. d. more than the private cost of producing it.