Which of the following government policies would most likely result in an increase in economic growth?
A) a decrease in the life of a patent from 20 years to 15 years
B) a decrease in government spending on grants issued through the National Institutes of Health
C) a decrease in the interest rate at which the government provides student loans
D) decreased copyright protection on music and movies
C
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During the global financial crisis of 2008, as more people started selling their houses in fear of falling house prices, the house prices fell further. This is an example of a(n) ________
A) pecuniary externality B) positive externality C) information cascade D) moral hazard
Teddy buys only chocolate chip cookies and hot chocolate and spends all of his income on the two items. Suppose that Teddy's marginal utility per dollar from cookies exceeds that from hot chocolate. Teddy can make himself better off if he buys
A) more cookies and less hot chocolate. B) fewer cookies and more hot chocolate. C) an equal amount of cookies and hot chocolate. D) only hot chocolate.