If the rate of unemployment is neither rising nor falling, then the number of people finding jobs must equal the number of people:
A. unemployed.
B. losing or leaving jobs.
C. looking for jobs.
D. leaving the labour force.
Ans: B. losing or leaving jobs.
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An economic model is a realistic depiction of the operation of the economy.
Answer the following statement true (T) or false (F)
Approximately how much of the world's output does the United States produce?
A. 18 percent. B. 5 percent. C. 30 percent. D. 12 percent.
Process innovation can be depicted as:
A. an upward shift in a firm's total product curve. B. an upward shift in a firm's marginal cost curve. C. a downward shift in a firm's marginal revenue curve. D. an increase in product demand.
Answer the following statement true (T) or false (F)
1) A firm's optimal amount of R&D occurs where the interest-rate cost of funds and the expected rate of return are equal. 2) Successful new products enable consumers to increase the total utility they obtain from a specific amount of their total spending. 3) Process innovation is represented as a downward shift in a firm's total product curve and its average total cost curve. 4) The theory that R&D expenditures as a percentage of firms' sales first rise, reach a peak, and then fall with increases in industry concentration is called the inverted-U theory of R&D. 5) The process by which new firms and new products destroy existing dominant firms and their products is called creative destruction.