Macroeconomics Package University of New Hampshire
Macroeconomics Package University of New Hampshire
1st Edition
ISBN: 9781323476604
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: Pearson Education
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Chapter 2, Problem 2.3.15PA
To determine

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a) Briefly explain the difference between a trade secret and a patent.b) Why might one prefer a trade secret to a patent?c) Are trade secrets and patents socially efficient? Explain.
Briefly describe efficiency in production?
What is the difference between absolute advantage and comparative advantage? If a country has an absolute advantage in producing a good, will it always be an exporter of that good? Briefly explain.
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