Which of the following is the best example of "creative destruction"?
a. The imprudent use of a credit card by a family that already has a high level of debt.
b. The virtual elimination of the film camera by the digital camera.
c. The failure of a business because of poor management.
d. The failure of a business because of higher cost resulting from government regulation.
B
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Wealth is the same as:
A. assets. B. capital gains. C. net worth. D. savings.
The economy of Budopia is going through a recession. How will a countercyclical policy affect the labor market in Budopia if wages are flexible? Explain with a diagram
What will be an ideal response?
Gross Domestic Product measures the
A) quantity of the goods and services produced in a given year, listed item by item, within a country. B) income of the business sector within a country. C) market value of the final goods and services produced in a given year within a country. D) measures the market value of the domestic labor in a given year within a country. E) market value of the final goods and services consumed by households in a given year within a country.
Keeping in mind the Coase theorem, in the figure above, if the residents of the town own the lake, how much do they charge the factories to dump waste?
A) $30 per ton of pesticide produced B) $40 per ton of pesticide produced C) $20 per ton of pesticide produced D) Nothing