Which economist created the theory of creative destruction?
A. William Nordhaus
B. Joseph Schumpeter
C. Adam Smith
D. Milton Friedman
Answer: B
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In comparing China to Canada, China's relatively ________ growth rate in GDP would make you more likely to take a job in China, and China's relatively ________ level of GDP would make you less likely to take a job in China
A) low; low B) high; low C) high; high D) low; high
Protection is rarely withdrawn from infant industries because such firms are necessary to ensure creation of domestic jobs
a. True b. False Indicate whether the statement is true or false
The balance of payments is made up of three accounts: the merchandise trade account, the service account, and the investment income account.
Answer the following statement true (T) or false (F)
If a negative externality is associated with burning firewood:
A. less than the efficient amount of firewood for burning will be used each year. B. the marginal social cost of burning firewood falls short of its price. C. the marginal social cost of burning firewood exceeds the price of burning firewood. D. the marginal social cost of burning firewood is exactly equal to its price.