The theory that profits are a reward for innovation was formulated by ____________.
Fill in the blank(s) with the appropriate word(s).
Joseph Schumpeter
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Exhibit 30-2
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Refer to the table below. What is the value of A plus B (A + B) or the present value of the first two payments?
The above table shows a 5 year payment plan. Each payment is made at the end of the year, so after one year, a payment of $1,000 is made, after two years another payment of $1,500 is made and so on. The interest rate is 3 percent.
A) $970.87
B) $1,956.12
C) $2,384.77
D) $2,256.98
A government agency charged with enforcing antitrust laws is
A) the Federal Reserve Board. B) the National Labor Relations Board. C) the Council of Economic Advisors. D) the Federal Trade Commission.
Draw another supply curve S to indicate a $1 tax increase. (a) How much of this tax is borne by the buyer? (b) How much of this tax is borne by the seller?
