Innovation is the act of generating an idea for a new product.
Answer the following statement true (T) or false (F)
False
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An increase in real net exports leads to an increase in real GDP. Further
A) real consumption spending increases while real investment spending decreases. B) real government spending decreases to offset the increase in real net exports. C) real consumption spending and real saving increase. D) real consumption spending increases but real saving does not change.
When inflation occurs,
A) everyone (or almost everyone) is made worse off. B) only wealthy people can maintain their previous consumption levels. C) the cost of living rises. D) the prices of all goods rise in equal proportions. E) the purchasing power of money declines.
If the present value of all future profit is positive, then
A) the firm should remain operating, even if it earns negative profit in the short run. B) the firm should shut down if it is earning a negative profit in the short run. C) the firm should shut down if it cannot cover its fixed costs in the short run. D) None of the above.
If a consumer's budget line between meat and potatoes has a vertical axis intercept at 100 pounds of meat and a horizontal axis intercept at 100 pounds of potatoes
a. demand must be inelastic b. the consumer's budget must equal $100 c. both meat and potatoes must be priced at $1 per pound d. the price of a pound of meat must equal the price of a pound of potatoes e. the opportunity cost of meat in terms of potatoes cannot be determined