Distinguish between invention and innovation
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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The slope of the budget line is the amount of one commodity that a consumer must give up in order to obtain an additional unit of the other commodity.
Answer the following statement true (T) or false (F)
The government proposes a tax on halogen light bulbs. Sellers will bear the entire burden of the tax if the
A) demand curve for halogen bulbs is vertical. B) demand curve is downward sloping and the supply curve is upward sloping. C) supply curve of halogen bulbs is horizontal. D) demand curve for halogen bulbs is horizontal.
When you deposit funds in a bank and then the bank lends these funds to a borrower, the bank is engaged in
A) fiduciary investment. B) fraudulent behavior. C) universal banking. D) financial intermediation.
other things constant, countries with higher investment rates will
What will be an ideal response?