Innovation:
A. is the first discovery of a product or process, rather than its first successful commercial
introduction.
B. includes new products but not new production methods.
C. is also known as diffusion.
D. can either increase or decrease the market share of a large firm, depending on whether it
is introduced by the large firm or one of its competitors.
Answer: D
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According to the paradox of value, expensive goods, such as gemstones, provide consumers with
A) high total utility and low marginal utility. B) low total utility and low marginal utility. C) low total utility and high marginal utility. D) high marginal utility and high total utility.
Complete crowding out implies that a government deficit financed by selling bonds to the nonblank public will
A) have no effect on aggregate demand. B) reduce aggregate demand. C) increase aggregate demand. D) reduce aggregate demand in the short run but cause demand to increase in the long run.
If you want to test, using a 5% significance level, whether or not a specific slope coefficient is equal to one, then you should
A) subtract 1 from the estimated coefficient, divide the difference by the standard error, and check if the resulting ratio is larger than 1.96. B) add and subtract 1.96 from the slope and check if that interval includes 1. C) see if the slope coefficient is between 0.95 and 1.05. D) check if the adjusted R2 is close to 1.
Import quotas and tariffs both cause the quantity of imports to fall
a. True b. False Indicate whether the statement is true or false