Who developed a growth model that suggested new products unleash a "gale of creative destruction" that drives old products out of the market?
A. Alan Greenspan
B. Joseph Schumpeter
C. Ben Bernanke
D. Adam Smith
Answer: B. Joseph Schumpeter
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When the level of insurance premiums that someone pays is equal to the amount that an average person in that risk group would collect in insurance payments, the level of insurance is said to be:
a. risk-balanced. b. successful. c. actuarially fair. d. at the threshold of risk.
Which of the following is an example of a barrier to entry?
a. Crystal charges a higher price than her competitors for her hair-styling services. b. Dan charges a lower price than his competitors for his dry-walling services. c. Jackie offers free samples of her loose-meat sandwiches to attract new customers. d. Roseanne obtains a copyright for a short story that she wrote and published.
Suppose an economy experiences an increase in its saving rate. The higher saving rate leads to a higher growth rate of productivity
a. in the short run, but not in the long run. b. in the long run, but not in the short run. c. in both the short run and the long run. d. in neither the short run nor the long run.
If the U.S. imposes a tariff on autos to prevent the Korean imports from freely entering the U.S. market, which of the following is most likely to occur?
A. The price of autos to U.S. consumers would rise, and the demand for U.S. wheat exports would increase. B. The price of autos to U.S. consumers would fall, and the demand for U.S. wheat exports would decrease. C. The price of autos to U.S. consumers would fall, and the demand for U.S. wheat exports would increase. D. The price of autos to U.S. consumers would rise, and the demand for U.S. exports would decrease.