The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a ________
A) goods and services demand
B) production demand
C) derived demand
D) resource demand
C
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Real GDP per person in the country of Flip is $10,000, and the growth rate is 10 percent a year. Real GDP per person in the country of Flap is $20,000 and the growth rate is 5 percent a year
When will real GDP per person be greater in Flip than in Flap? A) in 2 years B) in 15 years C) never D) in 10 years
Which of the following is best characterized as being nonrivalrous?
A) consumption goods B) services C) physical capital D) knowledge
Which of the following best describes the entire U. S. refreshment beverage market?
A) monopoly B) oligopoly C) monopolistic competition D) perfect competition
If consumers are sensitive to price changes for a particular good, their demand for the good is said to be ________.
Fill in the blank(s) with the appropriate word(s).