When the rate of interest is 10 percent, the present value of $100 payable in two years is approximately

Patents stimulate technological advance by

A) allowing inventors to capture the economic rewards of their inventions. B) making capital more productive. C) providing information about the status of technical knowledge in the economy. D) enabling the government to determine which potential technological advances firms should pursue.

Which of the following resources is necessary to combine efficiently the other resources to produce goods and services?

a. natural resources b. capital c. labor d. entrepreneurial ability e. financial institutions