Joseph Schumpeter argued that growth was a process of creative destruction. Explain what is meant by the phrase, "creative destruction."
What will be an ideal response?
When TP occurs and new goods are developed, old goods will disappear. In those industries that produced these "old" goods, employment will decrease. It is this process of technological progress causing the destruction of old jobs that is referred to as "creative destruction."
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QN=73 (17771) A transfer payment is
a. a payment for moving expenses a worker receives when he or she is transferred by an employer to a new location. b. a payment that is automatically transferred from your bank account to pay a bill or some other obligation. c. a form of government spending that is not made in exchange for a currently produced good or service. d. the benefit that a person receives from an expenditure by government minus the taxes that were collected by government to fund that expenditure.
David increases the number of companies in which he holds stocks
a. This reduces risk's standard deviation and firm-specific risk. b. This reduces risk's standard deviation and market risk. c. This raises market risk, but lowers firm-specific risk. What happens to overall risk is unclear. d. This raises firm-specific risk, but lowers market risk. What happens to overall risk is unclear.
Exhibit 5-5 Demand curve for computers
?
In Exhibit 5-5, the total revenue at point E on the demand curve equals:
A. OD. B. FE. C. DE. D. ODEF.
If the United States were to pass legislation that would make it easier for people to emigrate to the United States, this would cause
A. the short-run aggregate supply curve to shift to the left. B. the short-run aggregate supply curve to become flatter. C. the short-run aggregate supply curve to become nearly vertical at all levels of output. D. the short-run aggregate supply curve to shift to the right.