Question

1)

A)

If a pharmaceutical company receives a drug patent in 2001 when can other companies legally produce that same drug?

A. 2011

B. 2022

C. 2034

D. 2045

B)

Which of the following goods/services are nonexcludable and non-rival?

A. Wigs

B. Staplers

C. Hot dogs

D. National defense

C)

If a worker has a marginal productivity of $20 per hour then what is the most that a profit maximizing firm will pay according to the first rule of labor markets?

A. $15 per hour

B. $20 per hour

C. $25 per hour

D. $30 per hour

D)

Which of the following laws created a minimum wage?

A. Civil Rights Act of 1964

B. Taft-Hartley Act of 1947

C. Fair Labor Standards Act of 1938

D. Social Security Act of 1935

F)

Which law created the National Labor Relations Board?

A. Wagner Act of 1935

B. Social Security Act of 1935

C. Taft-Hartley Act of 1947

D. Civil Rights Act of 1964

Please answer all! thanks !

Answer 1

1.A) Drug patents are given for 20 years. If a pharmaceutical company receives a drug patent in 2001, other companies legally produce that same drug in 2022. The answer is option (B).

1.B) Non-excludability and non-rivalary are features of public good. Here national defense has those features. All other goods are private goods. The answer is option (D).

1.C) According to the first rule of labor market, profit maximizing firm will never pay more for a worker than the value of his or her marginal productivity to the firm. If a worker has a marginal productivity of $20 per hour then $20 will be paid at most. The answer is option (B).

1.D) Fair Labor Standards Act of 1938 established a minimum wage. The answer is option (C).

1.E) Wagner Act of 1935 guarantees workers the right of collective bargaining and sets down rules to protect unions and organizers, and created the National Labor Relations Board. The answer is option (A).