Creative destruction refers to
A) the destruction of the government system which limits economic growth.
B) the movement from an agricultural society to a service economy.
C) the mechanism for establishing property rights.
D) the creation of new jobs and economic growth after destroying old jobs.
D
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The current account balance consists of
A) the trade balance plus the services balance. B) net exports of goods and services, minus net unilateral transfers. C) net exports of goods and services, plus net income from abroad, plus net unilateral transfers. D) net exports of goods and services, plus net income from abroad, plus net unilateral transfers, minus the financial account balance.
Public policy towards externalities becomes important when _____
a. transactions costs are zero b. transactions costs are low c. transactions case are high d. there is no relationship between transactions costs and externalities
Discuss the impact of demand and supply changes on market equilibrium price and quantity. Express this graphically
The term real GDP refers to a country's actual GDP as opposed to its estimated GDP
a. True b. False Indicate whether the statement is true or false