The process by which new products and methods of production are continuously replacing old ones is known as
a. the invisible hand principle.
b. the production possibilities frontier.
c. creative destruction.
d. the fallacy of composition.
C
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The differences that people settle by voting are most likely to include:
a. issues that affect few people. b. decisions that need to be taken at a short notice. c. decisions that are divisible. d. public goods.
The aggregate supply curve normally
a. slopes downward and to the right due to higher resource prices. b. has a horizontal slope equal to zero. c. is very steep in the lower portion and flatter in the upper portion. d. slopes upward to the right due to short-run fixed costs of production.
The aim of unconventional monetary policy tools is to:
A. increase the value of the dollar. B. stimulate the economy in coordination with fiscal policy. C. boost liquidity and reduce interest rates when credit channels are clogged. D. slow down liquidity and increase interest rates.
Japan has invested large sums of money in the United States over the last 15 to 20 years in order to
A. Control the American economy. B. Take over the country without war. C. Earn a higher rate of return on their investment. D. Dominate the U. S. goods market.