In providing a legal framework, the government
A. Protects copyrights to encourage textbook protection.
B. Protects the ownership of private property to encourage the private sector.
C. Protects patents to encourage entrepreneurship.
D. All of the choices are correct.
Answer: D
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If a dollar today will likely have more purchasing power because of inflation, then a dollar a year from now ________ a dollar today
A) will be more valuable than B) will have the same value as C) will be less valuable than D) may be more valuable or less valuable than
The Keynesian model
a. assumes a stable, downward sloping Phillips curve in the short run. b. implies a horizontal Phillips curve in the long run. c. shows that the Phillips curve is can be downward or upward sloping in the short run. d. differs from Friedman's analysis pertaining to the vertical long-run Phillips curve.