Patents turn new ideas into
a. public goods, and increase the incentive to engage in research.
b. public goods, but decrease the incentive to engage in research.
c. private goods, and increase the incentive to engage in research.
d. private goods, but decrease the incentive to engage in research.
c
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The omission of household production causes actual economic production to be underestimated
Indicate whether the statement is true or false
Congress passed the Freedom to Farm Act in 1996. What was the purpose of this Act?
A) to encourage more people to become farmers B) to phase out the use of price ceilings in agricultural markets C) to phase out price floors and return to a free market in agriculture D) to grant free land to farmers in order to produce crops that were particularly scarce