The value of any resource depends on the value of what it produces, so resource demand is said to be:
a. derived from the demand for the product the resource produces.
b. derived from the revenue of the product the resource produces.
c. derived from the total cost of the product the resource produces.
d. derived from the supply of the product the resource produces.
a
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Beth can paint 2 T-shirts in an hour while her brother can paint 1 T-shirt in an hour. However, her brother can paint 2 walls in an hour while she can paint only one. Who should specialize in which activity and why?
What will be an ideal response?
The classical growth theory asserts that
A) population growth leads to more growth in technology. B) population growth will lead to people earning only a subsistence level of income. C) economic growth will continue indefinitely. D) economic growth and population growth complement each other. E) population growth increases a nation's economic growth.
Anita is the retired president of Claddagh College and currently serves on the board of directors of the Patrician Pharmaceutical Company. Anita is considered ________ of the company
A) an outside director B) an inside director C) a managing director D) a silent partner
Firms in oligopoly often behave like the prisoners in the prisoners' dilemma, carefully anticipating the moves of their rivals in an uncertain environment
a. True b. False Indicate whether the statement is true or false