Which of the Following Would Be Classified as an Innovation

question 195

Multiple Choice

Which of the following would be classified as an innovation?

• A)Edwin H.Land perfects the single-step photographic process in 1947.
• B)Polaroid markets the single-step film in 1948.
• C)Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879.
• D)In 1803, Robert Fulton constructs his first small steamboat in Paris.

---

Definitions:

Equilibrium Quantity

The quantity supplied and the quantity demanded at the equilibrium price.

Loanable Funds

The money available for borrowing in the financial market, determined by the level of savings and the supply of credit.

National Saving

The total of private savings and government savings, essentially the portion of national income that is not consumed or spent by government.

Open-Economy Macroeconomic Model

A framework used to evaluate the interactions between a country’s macroeconomy and the global economy, taking into account trade, foreign investment, and exchange rates.