Creative destruction is:
A. the process by which large firms buy up small firms.
B. the process by which new firms and new products replace existing dominant firms and
products.
C. a term coined many years ago by Adam Smith.
D. applicable to planned economies but not to market economies.
Answer: B
Economics
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Because Don has health insurance, he is more likely to see the doctor when he has a cold. This is an example of
A) adverse selection. B) moral hazard. C) both moral hazard and adverse selection. D) private information.
Economics
Keynesians, monetarists, and classical economists all agree that the transactions demand for money is the demand for money by households for
a. precautionary purposes b. spending purposes c. liquidity purposes d. saving purposes e. investment purposes
Economics