A patent protects an inventor's creation from being copied or stolen for a period of
A) 10 years.
B) 20 years.
C) 30 years.
D) 50 years.
B
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Holding supply constant, a reduction in demand leads to
A) lower prices and higher quantity supplied. B) lower prices and lower quantity supplied. C) higher prices and higher quantity supplied. D) higher prices and lower quantity supplied.
You purchase a bag of chocolate chips for $3, a bag of flour for $1, a bag of sugar for $.50, a half dozen eggs for $.50, and a half pound of butter for $2. You use all these ingredients to make three dozen cookies. Your roommate offers you $15 for them, and you happily accept. How much does this process contribute to GDP?
A. $7 B. $15 C. $22 D. $8
Rational ignorance might explain low voter turnout because people apply marginal analysis to voting
a. True b. False Indicate whether the statement is true or false
Scarcity is: a. only a problem in modern industrialized economies
b. only a problem in impoverished economies. c. only a problem in centrally planned economies. d. a problem that necessitates making choices and tradeoffs.