Which of the following is not an example of a derived demand?
A) Several of the animated films released between 1999 and 2001 failed to earn a profit, which caused some companies to stop making these films, thereby decreasing the demand for animators.
B) As advancements in medical technology increase the safety and success of laser eye surgery, the demand for opticians has decreased.
C) Millicent Manning, the owner of a furniture store, is concerned that her sales have fallen for the past six months. She attributes this to the downturn in the real estate market.
D) Seth Bullock, a personal-injury attorney, complains that he is earning far less now than a few years ago largely because personal injury cases have been undercut by state laws limiting class-action suits and payouts on damages.
C
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According to this Application, from the early 1990s until quite recently, the U.S. economy grew. This growth in the U.S economy
A) decreased foreign investment in the U.S. B) decreased imports to the United States. C) caused the level of U.S. exports to decline. D) increased the U.S. demand for foreign products.
Total Revenue Product with one unit of labor would be
A. $100.
B. $200.
C. $340.
D. $600.
In Econland autonomous consumption equals 700, the marginal propensity to consume equals 0.80, net taxes are fixed at 50, planned investment is fixed at 100, government purchases are fixed at 100, and net exports are fixed at 40. Induced expenditure equals:
A. 0.20Y. B. 990 + 0.20Y. C. 900 + 0.80Y. D. 0.80Y.
Marginal product is:
A. total product divided by the number of workers employed. B. the increase in total cost attributable to the employment of one more worker. C. the increase in total output attributable to the employment of one more worker. D. the increase in total revenue attributable to the employment of one more worker.