The creation of a new product is referred to as:
A. product innovation.
B. patent disclosure.
C. independent research and development.
D. process innovation.
Answer: A
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A checkable and debitable banking account is
A) a liability to a commercial bank. B) an asset to a commercial bank. C) a liability to the household or firm that has the account. D) an asset for the Federal Reserve System.
A perfectly elastic demand curve has a price elasticity of demand coefficient of:
a. zero. b. 1. c. greater than 1, but less than infinity. d. less than 1, but greater than zero. e. infinity.
Which of the following is an example of a leakage into the circular flow of income and expenditure?
a. Saving b. Exports c. Government expenditure on goods d. Transfer payments e. Investment by firms
A monopolist is best described as a price
A. taker. B. searcher. C. maker. D. follower.