The demand for labor is a derived demand because it is derived from
A) the supply of labor.
B) union pressure.
C) the demand for the output the labor produces.
D) natural law.
C
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If a tax is placed on suppliers of a good, then the incidence of the tax
A) falls more on the sellers if demand is elastic. B) falls more on the sellers if demand is inelastic. C) is usually split equally between the buyers and the sellers. D) usually falls more on the sellers than the buyers. E) usually falls more on the buyers than the sellers.
Which of these statements correctly explains the shape of the aggregate demand curve? a. As prices fall, nominal income rises and so does the demand for real goods and services
b. Rising prices reduce people's wealth and thereby decrease spending. c. With falling prices, government decides to spend less to increase the price level. d. Businesses increase investment spending in response to higher interest rates caused by inflation. e. As prices fall, domestically produced goods become more expensive relative to foreign goods, resulting in an increase in production.
Which of the following will most likely cause a shift in the consumption function?
a. a change in consumer confidence b. a change in national output c. a change in real GDP d. a change in disposable income
The Federal Open Market Committee oversees the money supply through the purchase and sale of government securities
a. True b. False Indicate whether the statement is true or false