What is the economic role of a patent?
What will be an ideal response?
A patent grants the inventor the exclusive right to make, use, or sell an invention for 20 years. This gives the inventor property rights on the invention, which enables the inventor to profit from the invention. The number of inventions should be greater if people can profit from inventive activity, so patents help stimulate investment in new technology and economic growth.
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Which of the following contributed to the sharp increase in Federal tax revenues between 1995 and 2001?
A) an increase in income tax rates B) a sustained economic expansion C) increased income inequality D) all of the above
What did the Lever Food Control Act of 1917 give the U.S. federal government the power to do?
(a) Take over factories during periods of war (b) Inspect meat-packing plants and control the quality of work completed (c) Buy, sell and distribute food during times of peace (d) Seize Congressional control over food-related production