A patent is a barrier to entry
A. that grants exclusive use of an invented product or process to the inventor.
B. that grants exclusive use of an invented product or process to the government.
C. that only allows use of an invented product or process to other companies within the industry.
D. that allows use of an invented product or process by everyone.
Answer: A
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Which of the following scenarios is consistent with typical estimates of the sacrifice ratio?
a. Inflation is reduced from 4 percent to 1 percent, and annual output falls by 10 percent. b. Inflation is reduced from 6 percent to 4 percent, and annual output falls by 10 percent. c. Inflation is reduced from 8 percent to 5 percent, and annual output falls by 9 percent. d. Inflation is reduced from 3 percent to 2 percent, and annual output falls by 3 percent.
Government output is hard to account for because government
A. is so large. B. provides goods that have no resale value. C. keeps secrets about what it produces. D. goods are generally not sold or produced in easily measurable units.