Answer the following statement(s) true (T) or false (F)
An innovation is the same thing as an invention.
False
-Innovation involves the transformation of something? new, such as an? invention, into something that benefits the economy either by lowering production costs or by providing new goods and services.
You might also like to view...
If a firm has a U-shaped long-run average cost curve,
A. its fixed cost rises as output rises. B. it must have increasing returns to scale at low levels of production and decreasing returns to scale at high levels of production. C. it must have increasing returns to each input at low levels of production and decreasing returns to each input at high levels of production. D. the firm can maximize its output by operating at the point of minimum long-run average cost.
Suppose total disposable income in Country X rises by $500 billion while total consumption rises by $50 billion. What would be the slope of the consumption function for this nation?
a. 1 b. 0.1 c. 0.5 d. 0.25 e. 0.4
One way the government could try to move people toward making choices with a socially desirable outcome would be to:
a. marginalize private benefits. b. require education on the topic. c. provide subsidies. d. legislate socially desirable options.
In the short run when the marginal product of labor ________, the marginal cost of an additional unit of output ________.
A. falls; falls B. falls; doesn't change C. rises; falls D. rises; rises