Consider the demand for labor in the computer chip industry. The demand for labor
A) is derived from the demand for computer chips.
B) is shown by a perfectly elastic demand for labor.
C) is shown by a perfectly inelastic demand for labor.
D) has a demand curve that is backward bending.
A
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An increase in exports of goods or services with no change in imports of goods or services
A) decreases GDP. B) increases GDP. C) may increase or decrease GDP depending on whether it is the export of goods or the export of services that increased. D) has no effect on GDP.
Refer to the data. How many units of the two products will the rational consumer purchase?
Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18.
A. 3 of L and none of M
B. 4 of L and 2 of M
C. 3 of L and 5 of M
D. 2 of L and 3 of M