Institutions and laws, such as patent protection, that foster innovations lead to economic growth because they
A) give businesses loans to buy new machinery.
B) give confidence to consumers that the products they buy are safe.
C) allow the government control of the innovations.
D) give confidence to inventors that they will profit from their innovation.
D
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The commons problem refers to:
a. a problem that arises when everything is privately owned. b. a situation when the resources are owned by the government and the common people have limited access to them. c. a problem that arises when government takes incorrect measures which adversely affect common people. d. a problem that arises when everyone has access to a particular resource. e. the adverse situation that arises when the government fails to take adequate measures to solve common problems.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.