Distinguish between invention and innovation.
What will be an ideal response?
Invention is the creation of new products or processes or the ideas that underlie them. Innovation is the process that begins with invention and includes improvement to prepare the invention for practical use and marketing of the invention or its products.
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Comparing the short-run Phillips curve and the long-run Phillips curve, we see that there is
A) no relationship between the two curves. B) no tradeoff in either curve. C) a tradeoff in both curves. D) only a long-run tradeoff between inflation and unemployment but not a short-run tradeoff. E) only a short-run tradeoff between inflation and unemployment but not a long-run tradeoff.
How is the probability of an event defined?
What will be an ideal response?
Since the end of World War II,
A) tariffs around the world fell substantially. B) agricultural subsidies were significantly reduced. C) most nations began to apply tariffs uniformly across all industries. D) tariffs increased in low-income countries and fell a small percentage in high-income countries.
Tom and Jerry have two tasks to do all day: makedishes and build fences. If Tom spends all day makingdishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day makingdishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. After looking at the production possibilities for both Tom and Jerry, we can surmise that:
A. Tom has the absolute advantage in the production of both dishes and fences. B. Jerry has the absolute advantage in the production of both dishes and fences. C. Tom has the absolute advantage in the production of dishes and Jerry has the absolute advantage in fence production. D. Tom has the absolute advantage in the production of fences and Jerry has the absolute advantage in dish production.