Derived demand is derived from the demand for the _________________.
Fill in the blank(s) with the appropriate word(s).
final product
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In the life-cycle hypothesis of consumption, two individuals with the same age, tastes, family composition, and income will
A) consume the same amount. B) each consume less the greater is their accumulated wealth. C) each have positive saving ratios. D) consume differing amounts if their wealth differs.
Refer to the table below. Suppose the profit for each unit of paper product is $2 and the profit for each unit of lumber is $5 and Big Oaks is producing the profit-maximizing quantity of lumber and paper products. If the profit from each unit of lumber increases from $5 to $6 and the profit for each unit of paper products does not change, to maximize profit, Big Oaks should produce a ________
proportion of lumber and produce ________ units of paper products and lumber.
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) smaller; more
B) smaller; less
C) greater; less
D) greater; more
One advantage of a partnership over a sole proprietorship is:
A. ease of formation. B. limited liability. C. greater accountability. D. the ability to share the work and risks of business.
According to the textbook, the percentage of gross domestic product devoted to healthcare between the years 1940 and 2013:
A. increased from 4% to about 6%. B. increased from 4% to more than 40%. C. increased from 4% to more than 17%. D. declined from 4% to less than 2%.