The demand for a resource is “derived” from the goods and services that the resource is used to produce. Give three examples
Please provide the best answer for the statement.
There is a demand for lumber because there is a demand for furniture or a demand for houses. There is a demand for wheat because there is a demand for bread and other products made with wheat (or wheat flour). There is a demand for chemical workers because there is a demand for chemicals.
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A study of New York City (NYC) tax rates concluded that taxes on the nonmanufacturing sector should be higher since that sector has fewer alternatives. Manufacturers are more mobile and may move to avoid higher taxes. This means that
A. nonmanufacturing firms have a more elastic demand for the NYC locations. B. manufacturing firms have an inelastic demand for the NYC locations. C. nonmanufacturing firms have relatively inelastic demand for the NYC locations. D. nonmanufacturing demand for the NYC locations is perfectly elastic.
The fact that many people drive faster than the posted speed limit suggests that
A) not all price floors are enforceable. B) not all price and quantity regulations are enforceable. C) individual drivers act irrationally. D) government regulation is utterly useless.
According to the law of diminishing marginal utility, the marginal utility curve is ____
a. vertical b. flat. c. upward sloping. d. downward sloping.
The behavior of historical cost curves says nothing about the cost advantages or disadvantages of a single large firm
a. True b. False Indicate whether the statement is true or false