Economists typically agree that the special protection given to owners of patents tends to
A. increase expenditures on research and development.
B. reduce economic growth.
C. reduce expenditures on research and development.
D. reduce productivity.
Answer: A
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The terms of trade can take on any value
A. below the seller's opportunity cost and above the buyer's opportunity cost. B. above the seller's opportunity cost. C. below the seller's opportunity cost and below the buyer's opportunity cost. D. above the seller's opportunity cost and below the buyer's opportunity cost.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
As output rises, the difference between the AVC and the ATC curves
A. narrows. B. stays the same. C. widens.
Which of the following statements about market failure is not true:
A. Market failure causes an inefficient allocation of resources, even in a competitive market B. Market failure can come from causes on the demand-side or the supply-side of a market C. Market failure always results from some government action or policy in a market D. Market failure can result from the number of sellers in a market being too few to ensure competition