OnRamps Economics College Practice Exam

Patents are government-granted rights that let the inventor exclude others from making, using, or selling the invention for a limited time in exchange for public disclosure of how it works. This idea of a temporary monopoly to reward innovation has been around since the 1500s. The statement that best fits is that patents grant inventors exclusive rights to produce and sell inventions. The other options don’t fit: patents have been used widely, not never used; they cover more than software, not just software; and they are not subsidies, since they’re rights that restrict others’ use rather than direct financial support.