All of the following encourage increases in technological progress EXCEPT
A) closed economies.
B) larger markets through free trade.
C) the possibility of monopoly profits.
D) the ability to patent a new invention.
A
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $6 per hour, how many hours do students work?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct.
The problem of determining for whom to produce exists because:
A) government regulations prevent firms from producing the kinds of goods that consumers want. B) a decision that one person or group will receive a good or service usually means that another person or group will not. C) taxes on firms make it more costly for them to produce all the goods that people want. D) taxes on consumers make it more difficult for them to buy all the goods they want.