One way to characterize technological change is "creative destruction," which basically means that today's innovation will productively destroy yesterday's capital investment
This destruction creates new job opportunities, boosts production and offers a greater variety or more goods and services than in the past. Indicate whether the statement is true or false
True
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The entrepreneur
A. runs his or her own business and risks his or her own money. B. does not necessarily run her or his own business nor risks her or his own money. C. runs his or her own business, but does not necessarily risk his or her own money. D. does not necessarily run her or his own business, but does risk her or his own money
Inflation targeting involves public disclosure of each of the following, except ________
A) policy makers' plans and objectives B) explanation of discrepancies between target inflation and actual inflation C) the federal government debt ceiling D) projections of macroeconomic conditions
Since the 1960s, the share of the labor force that is unionized in the United States has
A) increased except for the government sector. B) increased. C) declined. D) declined except in the private sector.
When firms are neither entering nor exiting a perfectly competitive market,
a. total revenue must equal total variable cost for each firm. b. economic profits must be zero. c. price must equal average variable cost for each firm. d. Both a and c are correct.