The first discovery (as distinct from first commercial application) of a product or process is called:
A. innovation.
B. invention.
C. creative destruction.
D. diffusion.
Answer: B
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During the Great Depression of the 1930s, it took the economy only a couple of years to return to full employment
a. True b. False
If a firm bakes cookies and sells them for $1,000 while spending $100 on sugar, $150 on chocolate, $50 on other supplies, $300 on wages and $400 on rent, what is its value added?
a. $300 b. $0 c. $700 d. $200 e. $400
Suppose that a worker in Freedonia can produce either 6 units of corn or 2 units of wheat per year, and a worker in Sylvania can produce either 2 units of corn or 6 units of wheat per year. Each nation has 10 workers. Without trade, Freedonia produces and consumes 30 units of corn and 10 units of wheat per year. Sylvania produces and consumes 10 units of corn and 30 units of wheat. Suppose that
trade is then initiated between the two countries, and Freedonia sends 30 units of corn to Sylvania in exchange for 30 units of wheat. Sylvania will now be able to consume a maximum of a. 30 units of corn and 30 units of wheat. b. 40 units of corn and 30 units of wheat. c. 40 units of corn and 20 units of wheat. d. 10 units of corn and 40 units of wheat.
Which of the following is not a weakness of fiscal policy?
What will be an ideal response?