The idea that bursts of economic activity are based on the introduction of new inventions and innovations is at the heart of
a. the real business cycle theory
b. the innovation cycle theory
c. the economic theory of radical change
d. Adam Smith's economic growth theory
e. Keynes's economic growth theory
B
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Chris pays $10,000 for a newly issued two-year government bond with a $10,000 face value and a 6 percent coupon rate. One year later, after receiving the first coupon payment, Chris sells the bond. If the current one-year interest rate on government bonds is 7 percent, then the price Chris receives is:
A. greater than $10,000. B. $700. C. less than $10,000. D. $10,000.
The Chicago Board of Trade promotes liquidity in the futures market by
A) setting prices. B) establishing a price floor. C) allowing the short or the long to renegotiate contract terms. D) standardizing contract terms.
The average benefit of n units of an activity is the:
A. n divided by the total benefit of n units. B. n times the total benefit of n units. C. extra benefit from carrying out one additional unit of the activity. D. total benefit of n units divided by n.
The natural resources used in production are made available in the
A) goods and services market. B) product market. C) government market. D) factor market.