The demand for inputs is ________ because it depends on the demand for outputs.
A. unrelated to cost
B. inconsequential
C. a secondary demand
D. a derived demand
Answer: D
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People derive utility in their lives from consuming goods (all other goods), g, and clean air (measured as the number of particulates removed per m3), a, as measured with the utility function U(g,a) = g0.6a0.4
The price index of consumer goods equals $20 per day. Income equals $1000. What is likely to happen to the number of asthma cases as the price of clean air (abatement cost) increases from $10 to $20? A) Asthma cases decrease because the particulants per m3 increases by 2 units. B) Asthma cases increase because the particulant per m3 decreases by 2 units. C) Asthma cases increase because the particulants per m3 increase by 2 units. D) There is not enough information to answer this question.
The Coase Theorem was significant in economics due to its recognition of the irrelevance of property rights in establishing the motivation for economic transactions in markets
Indicate whether the statement is true or false
The adult population must equal the sum of the employed, the unemployed, and those not in the labor force
a. True b. False Indicate whether the statement is true or false
In the regression model Y = a + bX + cZ , a test of the hypothesis that parameter c equals zero is
A. an F-test. B. a zero-statistic. C. a Z-test. D. a t-test. E. an R2-test.