The term "creative destruction" refers to
A. the effects of population growth on the environment.
B. the process by which immigrants build a new life in their country of destination.
C. the process by which new jobs are created and old ones destroyed.
D. All of these are correct.
Answer: C
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The difference between the utility of expected income and expected utility from income is
A) zero because income generates utility. B) positive because if utility from income is uncertain, it is worth less. C) negative because if income is uncertain, it is worth less. D) that expected utility from income is calculated by summing the utilities of possible incomes, weighted by their probability of occurring, and the utility of expected income is calculated by summing the possible incomes, weighted by their probability of occurring, and finding the utility of that figure. E) that the utility of expected income is calculated by summing the utilities of possible incomes, weighted by their probability of occurring, and the expected utility of income is calculated by summing the possible incomes, weighted by their probability of occurring, and finding the utility of that figure.
Supply and demand analysis
A. can be used to understand solutions to pollution, but not causes. B. can be used to analyze how externalities lead to environmental problems. C. cannot be used to analyze pollution, which is a physical and chemical problem. D. cannot be used to solve the pollution problem, but can be used to analyze it.
A farmer has 100 acres of land on which he can grow soybeans or corn. An acre of land yields 200 bushels of soybeans or 100 bushels of corn. The above figure refers to the farmer's
A. production possibilities curve. B. demand curve. C. substitution options curve. D. opportunity cost curve.
Suppose Brad Pitt and Angelina Jolie wear matching platinum jewelry in their new movie. After the movie is released, suppose that consumers increase their demand for the jewelry and at the same time manufacturers increase the supply of the jewelry. As a result
A) the equilibrium quantity will increase, and there is an indeterminate change in the equilibrium price. B) the equilibrium quantity and price are both indeterminate. C) the equilibrium quantity will decrease, and the equilibrium price will increase. D) the equilibrium price and quantity will both decrease.