Distinguish between invention and innovation.
What will be an ideal response?
Invention is the creation of new products or processes or the ideas that underlie them. Innovation is the process that begins with invention and includes improvement to prepare the invention for practical use and marketing of the invention or its products.
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If the market price falls below the bottom of the firm's ATC curve:
A. there is no level of output at which the firm can make a profit. B. the firm is earning profits. C. the market price must be lower than the firm's AVC. D. Total revenue must be higher than total cost.
Which of the following would not be included in the government consumption expenditures and gross investment (G) category of GDP?
a. The payments made to Social Security recipients. b. The expenditures made to repair a highway. c. The spending for professors at state universities. d. The purchase of new china for White House functions.
According to Arthur Laffer, the graph that represents the amount of tax revenue (measured on the vertical axis) as a function of the size of the tax (measured on the horizontal axis) looks like
a. a U. b. an upside-down U. c. a horizontal straight line. d. an upward-sloping line or curve.
Which of the following is included in government expenditures when measuring GDP?
A. unemployment insurance payments B. Medicare benefits for retirees C. goods imported into the United States D. the President's income