People basically borrow in order to
A) go into debt.
B) have more funds.
C) have interest payments.
D) have current consumption rather than waiting to consume in the future.
D
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Experience with patents in the pharmaceutical industry shows that when patents on drugs expire
A) prices remain high without patent protection because of a lack of competition. Firms that are not granted patents cannot compete with firms that are granted patents. B) other firms are free to produce chemically identical drugs. Competition reduces the profits that had been earned by the firms that received patents. C) most patients will continue to buy the drugs from the same firms because their doctors recommend they buy brand-name drugs. D) firms will find ways to obtain additional patent protection—often by making cosmetic changes in drugs that were patented—so that they can continue charging high prices.
According to public choice theorists, the behavior of people employed in the public sector is likely to differ from the behavior of people employed in the private sector because
A) the two sectors are likely to attract people of different psychological profiles. B) government employees are likely to exhibit more civic responsibility than private-sector employees. C) the same objective to maximize one's net benefit will produce different behavior in different institutional settings. D) all of the above E) a and b