Answer the following statements true (T) or false (F)
1. Creative destruction is something that our society should try to avoid, through government regulation of business.
2. Creative destruction entails both costs as well as benefits.
3. The costs of competition's creative destruction are often widespread, while the benefits often accrue to only a few.
4. Some economists are now proposing that patents may be detrimental to technological advance in industries with complicated multiple-component products.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
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An efficient market is one in which
a. no rents are created. b. past prices can be used to predict the levels of future prices. c. the principals can fully monitor the actions of their agents. d. the price fully reflects all available information.
The market where borrowers obtain funds from savers is referred to as the:
A) capital market. B) exchange market. C) spot market. D) credit market.
National income is defined as
A) gross domestic product less the consumption of fixed capital. B) gross national product plus transfer payments. C) gross domestic product less retained earnings plus transfer payments. D) gross national product less retained earnings plus transfer payments.
The direct transfer of goods and services rather than cash is known as
A. Welfare income. B. Poverty support. C. In-kind transfers. D. Transfer payments.