The price of any productive resource is ____ related to ____ the final good or service:
a. inversely; demand for
b. directly; demand for
c. directly; supply of
d. not; supply of
b
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Which of the following does NOT decrease aggregate demand in the United States?
A) a decrease in GDP in Germany B) a decrease in government spending C) a decrease in the price of oil D) a decrease in the supply of money
Money is any commodity or token that
A) is naturally accepted by households to accumulate wealth. B) is backed up and controlled by the government. C) does not change in value over time. D) is generally accepted as a means of payment. E) is backed by gold.
For which of the following goods is the income elasticity of demand likely highest?
a. natural gas b. doctor's visits c. hamburgers d. boats
As an individual earns additional income, the marginal utility of income tends to
A. Decrease. B. Increase. C. Remain constant. D. Shift toward the origin.