Innovation creates the opportunity to:
A. earn positive economic profits.
B. quickly exit industries.
C. lose money spent on research and development.
D. sustain zero economic profits in a single industry in the long run.
Answer: A
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A) faster than B) slower than C) at the same rate as D) sometimes faster, sometimes slower, and sometimes at the same rate as
"Duty-free" shops in airports and on international boats sell merchandise that can be brought into the country without which of the following?
(A) Restrictions on resale (B) Political embargoes (C) Import tariffs (D) Restrictions on quantity
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The speed with which money circulates through the economy is called the
A. oversimplified multiplier. B. velocity of circulation. C. exchange rate. D. money multiplier.