Which of the following is a non-price determinant of supply?
A) the price of related goods consumers may buy
B) technological advances in production
C) consumers' incomes
D) the number of consumers
B
Economics
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The demand for labor is a derived demand because it is derived from
A) the supply of labor. B) union pressure. C) the demand for the output the labor produces. D) natural law.
Economics
According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then which of the following is likely to happen?
A) The country's total production will fall. B) The production possibilities frontier will shift inward in the future. C) Fewer goods will be produced for consumption today. D) Future economic growth will decline.
Economics