QUESTION 1

A combination of invention, advances in knowledge, and innovation is called:

Capital

Technological change

Technology

Physical Investment

0.75 points

QUESTION 2

According to your textbook, modern economic growth that is related to rapid economic growth starts from:

1946 (After Second World War)

1760 (Industrial Revolution in the United Kingdom)

1920 (After First World War)

1870 (Industrial Development in the United States)

0.75 points

QUESTION 3

What is the difference between Innovation and Invention?

Innovation is putting advances in knowledge to use in a new product or service and, the invention is advanced in knowledge

Innovation is putting advances in knowledge to use in a new product or service and, the invention is the promotion of human capital

Invention is putting advances in knowledge to use in a new product or service and, innovation is advancing in knowledge

Invention is putting advances in knowledge to use in a new product or service and, innovation is the promotion of human capital

0.75 points

QUESTION 4

The widespread use of power-driven machinery and the economic and social changes that occurred in the first half of the 1800s is called?

Industrial Revolution

Second Industrial Revolution

Industrial Development

Second Industrial Development

0.75 points

QUESTION 5

A measure of the balance of trade that includes trade in goods and services, as well as international flows of income and foreign aid is called?

Balance of trade

Balance of capital

Merchandise trade balance

Current account balance

0.75 points

QUESTION 6

What is the difference between Trade Balance and Merchandise Trade Balance?

Trade Balance measures the gap between a nation's value of exports and imports, while Merchandise Trade Balance measures only the gap between a nation's exports and imports in goods

Merchandise Trade Balance measures the gap between a nation's value of exports and imports, while Trade Balance measures only the gap between a nation's exports and imports in goods

Trade Balance measures the gap between a nation's value of exports and imports, while Merchandise Trade Balance measures only the gap between a nation's exports and imports in services

Merchandise Trade Balance measures the gap between a nation's value of exports and imports, while Trade Balance measures only the gap between a nation's exports and imports in services

0.75 points

QUESTION 7

"The process of buying a currency in one country and selling it in another country to take advantage of different exchange rates in different markets at the same time" is called?

Speculation

Arbitrage

Hedge

foreign direct investment (FDI)

0.75 points