Which of the following is a true statement?
A. Innovation normally follows invention and precedes diffusion.
B. Invention normally follows diffusion and precedes innovation.
C. Diffusion normally follows invention and precedes innovation.
D. Innovation normally follows diffusion and precedes invention.
Answer: A
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All economic questions and problems arise from
A) turmoil in the stock market. B) the difference between self-interest and social interest. C) the fact that society has more than it needs. D) a society's wants exceeding what its scarce resources can produce. E) the unequal distribution of income.
How does a country maintain a fixed exchange rate?
A) By intervening in the foreign exchange markets and buying or selling currency as needed to achieve the desired exchange rate. B) By forbidding foreign exchange markets to trade currency at anything other than the official exchange rate. C) By setting domestic interest rates to achieve purchasing power parity as the desired exchange rate. D) By intervening in import and export markets to achieve the desired current account and exchange rate.
The average unemployment rate was lowest during what period?
A) 1980-1990 B) 1950-1970 C) 2000-2010 D) 1980-2000
To implement the Friedman rule for long-term monetary policy, the monetary authority would need to set the
A) inflation rate equal to zero. B) nominal rate of interest equal to zero. C) real rate of interest equal to zero. D) money growth rate equal to zero.