Which of the following economists first coined the concept of creative destruction?
A) Adam Smith B) Malthus
C) Joseph Schumpeter D) Paul Krugman
C
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Refer to the table below. Busy Betty sells her cakes for $20 each and her constant marginal cost to produce each cake is $12, which is equal to her (constant) average total cost. What is her expected marginal benefit from holding the 23rd cake in inventory?
The above table shows the probability distribution of cake sales at Busy Betty's Bakery.
A) $3.20
B) $8.00
C) $4.80
D) $8.20
Land rents account for nearly
A. 5 percent of U.S. income. B. 15 percent of U.S. income. C. 25 percent of U.S. income. D. 50 percent of U.S. income.
When the Fed issues currency
A. this increases our money supply only if it replaces old, worn-out currency. B. this increases our money supply only if it is used to accommodate the public's desire to hold more currency. C. this increases our money supply either if it replaces old, worn currency, or if it is used to accommodate the public's desire to hold more currency. D. this does not increase our money supply.
An exchange-rate regime in which the government intervenes in the market to influence the market-determined exchange rate can be called either a dirty float or a managed float.
Answer the following statement true (T) or false (F)