According to Joseph Schumpeter, economic growth is achieved through
A) a process termed "creative destruction."
B) removing the entrepreneur from the production function.
C) centralizing economic production.
D) focusing only on making old products better rather than inventing new ones.
A
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Refer to Figure 24-3. Suppose the economy is at point A. If the economy experiences a supply shock, where will the eventual short-run equilibrium be?
A) A B) B C) C D) D
A contract containing an adjustment provision which allows the supplier to recover a fraction of his additional costs when input prices cross a certain level, is considered efficient because:
a. it reallocates the supplier's risk while checking his activities. b. it reallocates risks completely to the buyers. c. it allows the supplier to take up risks. d. it allows the buyers to partially reallocate their risks.
How is per capita GDP affected by GDP growth and population growth?
What will be an ideal response?
The value added of a producer is the
A. value of its total sales once externalities are accounted for. B. total amount for which all its products sell minus its change in inventories. C. quality-adjusted amount of its total sales less any commissions paid. D. value of its output minus the value of the inputs it purchases from other producers.