A patent on a product gives a firm
A. protection from having the invention copied or stolen for a period of 20 years.
B. excessive profits in the long run.
C. economies of scale in producing the product.
D. the power to impose a tariff on a competing product.
Answer: A
Economics
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The production possibilities frontier itself illustrates
A) all goods that can be produced by an economy. B) the combination of goods and services that can be produced efficiently. C) all goods and services that are desired but cannot be produced due to scarce resources. D) all possible production of capital goods.
Economics
The main area of economic activity that Canada chose not to open to free trade is
A) agriculture. B) lumber. C) cultural industries. D) financial services.
Economics