Demand for labor is
A. derived demand.
B. highly elastic.
C. dependent on its supply.
D. directly proportional to capital employed.
Answer: A
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Suppose that you are an analyst working for a venture capital firm. An individual contacts you about backing his brand new Internet company. What information would you want before making this decision?
What will be an ideal response?
Adam Smith's ________ refers to the process by which individuals acting in their own self-interest bring about a market outcome that benefits society as a whole
A) survival of the fittest theory B) invisible hand C) Utopian society D) comparative advantage model
Assume the following situation. In year 1, a $400 capital stock generates a $100 GDP. One-fifth, or $20 of the $100 GDP, is put into investment. Assuming a constant capital/output ratio and no depreciation, the potential rate of GDP growth for this simple economy is
a. no growth b. 2 percent c. 5 percent d. 10 percent e. 20 percent
Many believe that fairness calls for higher income taxes on the wealthy. Using one of the "Ideas for Beyond the Final Exam," explain how higher taxes on the wealthy will affect output