When economists talk about innovation, they refer to
a. the relationship between growth and employment
b. one of the basic problems in economics
c. the relationship between technology and scarcity
d. the relationship between growth and scarcity
e. ideas that eventually take the form of new applied technology
E
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The upward slope of the supply curve reflects the
A. principle of specialization in production. B. fact that price and quantity supplied are inversely related. C. law of increasing substitution. D. principle of diminishing marginal productivity
The long-run effect of an increase in the growth rate of the quantity of money is a
A) higher nominal interest rate. B) lower nominal interest rate. C) lower real interest rate. D) lower inflation rate. E) higher real interest rate.
The Chunnel auto tunnel allows motorists to travel between England and France. As an alternative, there is ferry service across the English Channel. What would happen in the market for ferry service if fees for using the Chunnel were increased?
A. The demand for ferry service would increase. B. There would be a downward movement along the demand curve for transits through the Chunnel. C. The demand for ferry service would decrease. D. There would be an upward movement along the demand curve for transits through the Chunnel.
The purchasing power of the average person in the world today is:
A. is about the same as it has been during the last two centuries. B. more than 30 times as high as it was 200 years ago. C. has increased steadily over the last two centuries. D. more than 20 times as high as it was 300 years ago.