Creative destruction includes all of the following except
(a) The rise of the automobile industry at the expense of the carriage industry
(b) The rise of the computer industry at the expense of the typewriter industry
(c) The destruction of all capital during economic busts
(d) There is no except; all of the above are examples of creative destruction
(c)
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An increase in total revenue will result if
A) demand is inelastic and price decreases. B) demand is elastic and price decreases. C) demand is elastic and price increases. D) demand is unitary elastic and price increases.
19th-century cost-saving innovations in steamboat transportation included all of the following except
a. the replacement of steam-powered boilers by coal-burning engines. b. the adoption of lighter-weight boats. c. increases in the amount of cargo carried per vessel. d. learning to operate the boats at night.
The income multiplier's power to effect change in national income depends on the marginal propensity to consume
Indicate whether the statement is true or false
The best government policy to reduce poverty is
a. a minimum wage law because the resulting unemployment is small in comparison to the benefits to people it helps. b. an expanded welfare program because people must have an additional "need" such as small children or a disability. c. an in-kind transfer because it ensures that the poor receive what they need most such as food or shelter. d. not obvious. Government programs to reduce poverty have many advantages but also many disadvantages.