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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Public finance economists should only concern themselves with positive economic analysis
a. True b. False
Consider a world of two countries producing only wheat and cloth. In one hour, residents of Country A can produce 1 unit of wheat and 0.5 unit of cloth, whereas residents of Country B can produce 0.3 unit of wheat and 0.4 unit of cloth
Country A should export A) wheat and cloth; country B should not export anything. B) wheat and country B should export cloth. C) nothing and country B should export both wheat and cloth. D) cloth and country B should export wheat.