QUIZ KEYS FOR CHAPTERS 3 AND 4 AND THE ARTICLE ON INNOVATION”

“Can America Invent its Way Back?”

1. What is the conundrum that the author of “Can America Invent its Way Back?” cite? What solutions does he suggest?

Colander, Chapter 3.

1. Draw the Circular-Flow diagram

Colander, Chapter 4

1. What is the distinction between quantity supplied and  supply?

2. Draw a graph that reflects a contraction in supply and then an increase in price.

3. What is the fallacy of composition? When does it particularly apply?

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