The merits of a patent system include:
A. the patent system gives firms strong incentives to take the risk of substantial research and development costs.
B. the patent system may precipitate the development of new products.
C. granting monopoly power through a patent may be beneficial from society's perspective.
D. All of these.
Answer: D
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Developing countries
a. do not benefit from foreign aid b. do not benefit from private investment c. generate less than half of their annual flow of foreign exchange from exports d. must acquire foreign exchange in order to pay for imports e. need to decrease labor productivity
Exchange rates in what is termed the “medium run”
A. will be altered by an economic upswing because consumers buy more goods including imports when disposable income goes up. B. will be unaffected by economic changes in personal income or consumption spending. C. will appreciate for a country having an economic boom when others are not. D. All of the above are correct.