Which of the following statements is true of the U.S.?
A) There is more value in trade between states in the U.S. than its international trade.
B) The U.S. has always been a net exporter of goods and services.
C) The U.S. exports more crude oil than it imports.
D) The level of imports of the U.S. has dramatically decreased since 1960.
A
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The individual supply curve of labor is backward bending because the substitution effect offsets the income effect at higher wage rates
a. True b. False
Economic analysis suggests that patent laws that can often be used to limit the entry of potential competitors into an industry
a. redistribute income from consumers to business decision makers without affecting the allocation of resources. b. may be a source of business monopoly power, but they may also encourage innovation in the long run. c. encourage product development and the adoption of cost-reducing technologies in the short run but in the long run generally lead to business monopoly. d. help inventors at the expense of consumers in the long run.