Which of the following best describes the concept of "derived demand?"
a. The price of corn land determines the price of corn.
b. The price of corn land has nothing to do with the price of corn.
c. The price of corn determines the price of the land on which corn is grown.
d. Cheap labor means cheap corn.
c
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Refer to the production possibilities frontier in the figure above. If the country moves from point a to point c, the opportunity cost of the move is
A) 30 million capital goods. B) 20 million capital goods. C) 10 million capital goods. D) 10 million consumption goods.
You are studying with a friend and your friend says, "Private goods are excludable and nonrival, while public goods are nonexcludable and rival." Do you agree?
What will be an ideal response?
What is the solution to a simultaneous-move game when both sides do not have dominant strategies?
What will be an ideal response?
Two main reasons that the deficit may increase are:
A. decreases in tax revenues and an increase in government spending. B. changes in interest rates and unemployment. C. increases in household spending and decreases in firm spending. D. decreases in tax revenues and government spending.