Which economist created the theory of creative destruction?
a. William Nordhaus
b. Joseph Schumpeter
c. Adam Smith
d. Milton Friedman
b
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Rising inflation is the pressing concern of the government of Greatland. Suggest a suitable monetary policy that the Central Bank should adopt to lower the rate of inflation
What will be an ideal response?
Which market is most likely to witness such actions and reactions as frequent new-product introductions, free samples, and aggressive advertising campaigns?
A. Oligopoly B. Perfect competition C. Monopoly D. Monopolistic competition
Which of the following correctly ranks the amounts from smallest to largest?
A. Total output, average labor productivity, output per person B. Output per person, average labor productivity, total output C. Output per person, total output, average labor productivity D. Total output, output per person, average labor productivity
A theoretical restriction on the short-run cubic cost equation, TVC = aQ + bQ + cQ2, is
A. a > 0, b < 0, c < 0 B. a > 0, b > 0, c > 0 C. a > 0, b > 0, c < 0 D. a > 0, b < 0, c > 0