All else equal, technological change will be more rapid if
a. the government enhances patent protection
b. interest rates are lower
c. the government increases research funding
d. all of the above
e. interest rates are higher
D
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If profit is commonly defined as "total revenue minus total cost," then
A) there is no way to measure losses. B) a negative profit implies a loss. C) losses can only be measured as "total cost minus total revenue." D) profits must always equal losses.
Suppose you get a tax refund of $20,000 and instead of spending it on items that had been on your wish list for two years, you put it all in your checking account at the First National Bank of Urbana. And if that deposit allows the bank to loan out $17,000 . then the legal reserve requirement must be
a. 0.15 percent b. 0.85 percent c. 1.5 percent d. 8.5 percent e. 15 percent