Which of the Following Goods Does a Patent Turn a New

question 81

Multiple Choice

Which of the following goods does a patent turn a new idea into?

• A) a public good, which increases the incentive to engage in research
• B) a public good, which decreases the incentive to engage in research
• C) a private good, which increases the incentive to engage in research
• D) a private good, which decreases the incentive to engage in research

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Definitions:

High Tariffs

Government-imposed taxes on imported or exported goods intended to protect domestic industries, but can lead to international trade disputes.

Freedom From Want

A concept popularized by President Franklin D. Roosevelt as one of the Four Freedoms, referring to the right to an adequate standard of living and economic security.

Consumerism

The theory or policy that promotes an increasing consumption of goods as an economic policy or social system.

Standard Of Living

Refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.