The process by which new firms and new products replace existing dominant firms and products is called:
A. monopolistic competition.
B. the inverted-U process.
C. process innovation.
D. creative destruction.
Answer: D
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One of the most widely followed stock indexes in the United States is the S&P 500. This index represents
A) the stock prices of the 500 most valuable firms worldwide. B) the stock prices of more than 4,000 U.S. firms. C) the stock prices of 500 large U.S. firms. D) the stock prices of 30 large U.S. corporations.
If the income elasticity of demand is less than 1.0, it means it is an inferior good
a. True b. False Indicate whether the statement is true or false
A balance-of-payments surplus can be reduced with
A. Increased government spending. B. Contractionary monetary policy. C. Increased tariffs and quotas on foreign goods. D. Increased taxes.
Which of the following equations represents equilibrium in the goods market?
A. AE = C + I + G B. Y = AD + AS C. Y = S + I D. AE = I(r)