Derived demand is
A) a derivative of the demand curve.
B) the demand for goods and services produced by companies using scarce resources.
C) the demand for advertising to increase the sales of the product.
D) the demand for the factors of production that are used to produce goods and services.
D
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Framing often causes people to
A) violate expected utility theory. B) go to prison. C) fall afoul of the certainty effect. D) become risk-averse.
Suppose an astronomer discovers gold on the moon. Would this gold add to the world reserves?
A) Yes, we know it exists and we could recover it. B) No, we know it exists but we can't extract the gold. C) No, there are no established property rights over the moon so they cannot add to world reserves.. D) Yes, but only if the astronomer is the resident of a developed country with well-established property rights.
From an economic viewpoint, the optimal amount of pollution:
a. is zero since all pollution imposes costs on society. b. is that amount which firms create when they maximize economic profits by setting their marginal private costs equal to market price. c. is that amount where the marginal social costs of producing a good precisely equals the price of the good. d. b and c are correct.
The unemployment rate that many economists believe represents full employment is
a. 0 percent. b. 0-4 percent. c. 4-6 percent. d. 6-8 percent. e. 8-10 percent