Schumpeter asserts all of the following except
(a) A strong middle class fosters growth in society's entrepreneurial base.
(b) Entrepreneurs are the leading force behind technological advancement.
(c) Invention and innovation are unnecessary in a growing economy.
(d) Secured property rights encourage risk-taking entrepreneurial behaviors.
(c)
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Employers and workers in the protected industry know that the consequences of protection are principally:
a. lower prices for their output, lower profits for owners, and lower wages for workers. b. higher prices for their output, lower profits for owners, and lower wages for workers. c. higher prices for their output, lower profits for owners, and higher wages for workers. d. lower prices for their output, higher profits for owners, and higher wages for workers. e. higher prices for their output, higher profits for owners, and higher wages for workers.
If aggregate demand grows faster than aggregate supply, the equilibrium price level will rise.
Answer the following statement true (T) or false (F)