Which of the following is a true statement?
A. Innovation normally follows invention and precedes diffusion.
B. Invention normally follows diffusion and precedes innovation.
C. Diffusion normally follows invention and precedes innovation.
D. Innovation normally follows diffusion and precedes invention.
Answer: A
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In the economy of Confoundia, 500 people have jobs, 1000 people are not working but are searching for work, and 2000 people don't work and don't seek work. The unemployment rate is
A) 25 percent. B) 33 percent. C) 40 percent. D) 50 percent. E) 66 percent.
For the purpose of calculating the consumer price index, the basket of goods
a. is kept the same from year to year so that the effects of price changes are isolated from the effect of any quantity changes that might be occurring at the same time. b. is kept the same from year to year; otherwise, the value of the index would remain constant from year to year. c. varies from year to year; otherwise, the value of the index would remain constant from year to year. d. varies from year to year so that consumers' buying patterns are updated in a timely fashion.