The demand for factor is driven by the demand for goods and services produced by that factor of production. This phenomenon is referred to as
A) elastic demand.
B) joint demand.
C) inverse demand.
D) derived demand.
D
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The efficient scale of a firm is defined as the point where
A) average total cost is minimized. B) marginal revenue equals marginal cost. C) price equals marginal cost. D) marginal revenue equals zero.
Nominal GDP is another term for
a. current dollar GDP. b. constant dollar GDP. c. adjusted dollar GDP. d. relative value GDP.
Assume that the central bank lowers the discount to increase the nation's monetary base. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the real GDP and the monetary base in the context of the Three-Sector-Model? State your answer after the macroeconomic system returns to complete equilibrium
a. Real GDP rises and monetary base rises. b. Real GDP rises and monetary base falls. c. Real GDP and monetary base fall. d. Real GDP and monetary base remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
The three motives that John Maynard Keynes identified for why people hold money are the _______, ________ and _______ motives.
Fill in the blank(s) with the appropriate word(s).