The process of innovation is the act of
a. discovering a new production process.
b. discovering a new product.
c. basic scientific research.
d. adopting a new product to a market demand.
d
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When the economy is in a recession, the Fed can ________ the federal funds rate, which ________ aggregate demand and ________ real GDP
A) lower; increases; decreases B) raise; decreases; increases C) lower; increases; increases D) raise; increases; decreases E) lower; decreases; decreases
According to the principle of marginal productivity, the quantity of an input demanded depends on the
a. price of the input. b. price of outputs in which the input is used. c. technology of production. d. All of the above are correct.
Water quality in the United States has ____ in the past 25 years.
A. improved B. worsened C. remained unchanged D. improved slightly before a recent deterioration
Which of the following statements about taxation is TRUE?
A. Dynamic tax analysis assumes that an increase in taxation will leave the tax base unchanged. B. Increasing taxes will always increase tax revenues. C. Static tax analysis recognizes that an increase in taxation could lead to a decrease in tax revenues. D. There is a tax rate at which tax revenues are maximized.