Which of the following is the term for an innovative new product or production technology that disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to either lose income and profits, or come up with their own innovations?
a. disruptive technological change.
b. disruptive market change.
c. disruptive trade change.
d. disruptive transfer change.
b. disruptive market change.
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Zach and Laura want to buy cars and go to the same dealer. The dealer perceives Zach's price elasticity of demand to be lower than Laura's. Which of the following statements will be true?
a. The dealer will quote the same price to both since individual characteristics do not matter. b. The dealer will quote a higher price to Laura because of her gender. c. The dealer will quote a higher price to Zach because his demand is less elastic. d. The dealer will quote different prices to both according to their bargaining tactics.
The size of total production in an economy is measured by the gross domestic product
a. True b. False Indicate whether the statement is true or false
Marginal utility is defined as:
a. the total satisfaction derived from consuming a given amount of a product. b. total satisfaction per unit of product consumption. c. the difference between the total satisfaction derived from one level of product consumption and any other level of product consumption. d. the addition to total satisfaction resulting from an additional unit of consumption.
The U.S. federal government finances budget deficits by
a. selling stock, much like a corporation. b. printing additional currency. c. borrowing from the public. d. raising property taxes.