Patents stimulate innovation by
a. providing incentives to incur research and development costs
b. guaranteed profits for those who innovate
c. prosecuting anyone who purchases the good protected by the patent
d. providing tax breaks to investors
e. increasing the interest rate on borrowed funds
A
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If a banker lacks enough information to determine exactly which applicants for a loan are good risks and which are bad risks, then he faces a(n) __________ problem
A) moral hazard B) adverse selection C) market failure D) disintermediation
Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits
A) positive slopes in both nations. B) shifts that occur every five years or so. C) a great deal of shifting. D) stability with shifts occurring only when there is an internal change of government. E) stability with shifts occurring only when external forces are strong.