What is a patent used for?
a) to disseminate information
b) to restrict ownership
c) to protect inventors for as long as they live
d) to assign property rights
Ans: d) to assign property rights
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Which of these demonstrates a negative real shock causing a negative demand shock?
A. Fear among businesses causes them to lay off workers, who eventually return to work at lower wages. B. Bad news, like rising oil prices, causes investors to make more new investments, seeking greater profit opportunities. C. Bad news, like rising oil prices, causes people to become pessimistic and to cut back on their spending. D. Fear among businesses causes them to lay off workers, who lose their skills and become permanently less productive.
Inflation tends to ________ during the expansion phase of the business cycle and ________ during the recession phase of the business cycle
A) increase; decrease B) decrease; increase C) decrease; decrease further D) increase; increase further