A patent is a property right, which gives the owner
A) the right to sell and/or license the invention.
B) the ability to make the knowledge of how to make the invention rival.
C) a guaranteed profit.
D) All of the above.
A
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If the federal government tries to make fiscal policy sustainable by increasing taxes on capital income, the after-tax return to capital goods will ________ and will result in ________ potential GDP
A) increase; lower B) decrease; higher C) decrease; lower D) increase; higher
In contrast to American firms, Japanese firms frequently make lifetime employment commitments to their workers and agree not to lay them off when product demand is weak. Other things being equal, we would expect Japanese firms to:
A. face more elastic product demand curves than American firms. B. have relatively greater variable costs than American firms. C. discontinue production at higher product prices than would American firms. D. continue to produce in the short run at lower prices than would American firms.