The act of discovering a new production process would be called
A. invention.
B. innovation.
C. investment.
D. development.
Answer: A
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On average, people in the United States spend a greater percentage of their income on health care than do people in most other countries
Indicate whether the statement is true or false
If the absolute value of the price elasticity of demand for a product is 1.5, and the price of a product increased 30 percent, then the quantity demanded will decline by
A) 45 percent. B) 20 percent. C) 5 percent. D) 10 percent.
Long-term chronic unemployment that results even when the economy is producing at a normal rate is called ________ unemployment.
A. global B. cyclical C. structural D. frictional
If a country currently produces a mix of output that lies inside its production possibilities curve, then macro stabilization policies try to
A. Shift the aggregate demand curve to the right. B. Shift the short-run aggregate supply curve to the left. C. Shift the aggregate demand curve to the left. D. Move the economy to the right down the existing aggregate demand curve.