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John Philip Sousa was the conductor of the U.S. Marine Corps Marching Band and found that tubas were difficult for musicians to carry in a marching band, so he invented the Sousaphone, an instrument similar to the tuba that wrapped around the musician, making it easier for the musician to carry. Mr. Sousa was also a well-known composer of marches; his most famous being "Stars and Stripes Forever". In this question you may assume that the law of intellectual property at all times relevant to this question was the same as it is today.
(a) If Mr. Sousa wanted to protect the Sousaphone as his invention, what type of intellectual property protection should he get? (b) What kind of intellectual property protection should protect Mr. Sousa's march, "Stars and Stripes Forever", as his work ?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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