Invention is
A. the act of discovering new products or new ways of making products.
B. the act of putting new ideas into effect.
C. the collaboration of land, labor, and capital to bring to market goods and services.
D. the act of reducing the number of inputs to increase the amount of output.
Answer: A
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Which of the following is an example of an automatic stabilizer?
A) Congress increases the tax rate during an expansion. B) Congress authorizes spending increases during a recession. C) More unemployment benefits are paid during a recession. D) Welfare payments decrease during a recession.
If individual X has comparative advantage in painting and individual Y has comparative advantage in carpentry, then
A) individual X must use fewer hours to paint a fence than individual Y. B) individual Y will specialize in painting. C) there is a lower opportunity cost (expressed in units of carpentry) for individual X to paint than for individual Y to paint. D) specialization will not occur, since each does not have a clear absolute advantage.
For a perfectly competitive firm, average revenue is: a. equal to marginal cost at all levels of output
b. equal to marginal revenue at all levels of output. c. equal to price at all levels of output. d. characterized by both (b) and (c).
Compared to workers in poor countries, workers in richer countries have
a. lower productivity but higher wages. b. higher productivity and higher wages. c. higher productivity but lower wages. d. the same productivity but higher wages.