What is the difference between an invention and an innovation?
What will be an ideal response?
An invention is the development of a new good or a new process for making a good. An innovation is the practical application of an invention. Innovation could also refer to any significant improvement in a good or in the means of producing a good.
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The process of converting a future amount of money into its value today is called
A) trending. B) depreciation. C) discounting. D) compounding.
If two goods are complementary,
a. a decrease in the price of one good will lead to a decrease in the demand for the other b. the cross elasticity of demand is zero c. an increase in the price of one good will lead to an increase in the demand for the other d. the cross elasticity of demand is positive e. a decrease in the price of one good will lead to an increase in the demand for the other
What does the production possibility curve imply about the resource allocation?
a. Only some points on the curve are efficient. b. All points on the curve are equally efficient. c. A point which lies below the curve is more efficient. d. A point which lies above the curve is readily achievable.
The claim that increases in the growth rate of the money supply increase nominal interest rates but not real interest rates is known as the
a. Friedman Effect. b. Hume Effect. c. Fisher Effect. d. the inflation tax.