Which of the following most clearly illustrates the concept of "derived demand"?
a. An increase in the price of steak causes the demand for poultry to increase.
b. An increase in the demand for new houses leads to an increase in the demand for construction workers.
c. An increase in consumer income leads to an increase in the demand for services provided by the government.
d. An increase in the demand for new cars causes the demand for used automobiles to rise.
B
Economics
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Since 1970, real GDP ___ in most years.
A. fell B. stayed the same C. rose
Economics
If the supply of a good is relatively elastic, this means that the quantity supplied of the good is
a. not very sensitive to the price of the good. b. highly sensitive to the price of the good. c. unrelated to the price of the good. d. none of the above.
Economics