Social Security benefits, welfare payments, and farm support payments are examples of:
A. public interest payments.
B. transfer payments.
C. consumption spending.
D. investment spending.
Answer: B
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The law of supply states that, holding other factors constant, as price increases
a. Quantity supplied increases b. Quantity supplied decreases c. Quantity demanded increases d. Quantity demanded decreases
Ordinarily, governments attempt to promote competition in markets. Why do governments use patents to block entry into some markets when this prohibits competition?
A) Patents encourage firms to spend money on research necessary to create new products. B) Politicians sometimes succumb to pressure from lobbyists to grant favors to businesses for political reasons. C) Patents are an important source of government revenue. D) Patents are justified because they are an important means for creating network externalities.