Invention is the discovery of a new process or idea. Innovation is
A. the continuing search for inventions.
B. copying ideas from rival firms.
C. putting an invention to work.
D. basic research.
Answer: C
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Which of the following can prevent markets from reaching efficiency? I. decreasing marginal benefit II. taxes III. quantity regulations that limit the quantity that may be produced
A) I and II B) I and III C) II and III D) I, II and III
A market is in equilibrium when
A) supply is equal to demand. B) the price is adjusting upward. C) the quantity supplied is equal to the quantity demanded. D) tastes and preference remain constant.
High and unexpected inflation has a greater cost
a. for those who borrow than for those who save. b. for those who hold a little money than for those who hold a lot of money. c. for those who have fixed nominal wages than for those who have nominal wages that adjust with inflation. d. All of the above are correct.
The government's chief forecasting gauge for business cycles is the:
A. unemployment rate. B. real GDP. C. personal income index. D. index of leading indicators.