Demand for inputs is a derived demand because
a. it is derived from the need for income.
b. it corresponds to the derived supply of the inputs.
c. producers want the input to produce the finished good.
d. it is downward sloping.
c
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The growth rate of real GDP per person equals the
A) population growth rate plus the growth rate of real GDP. B) change in the economic growth rate divided by the change in the population growth rate. C) the economic growth rate per person divided by the change in the population growth rate. D) growth rate of real GDP minus the growth rate of the population. E) population growth rate plus the growth rate of real GDP then divided by the initial level of real GDP.
[Appendix; Advanced Material] If airlines found that the number of no-shows starts to increase, then its policy for optimal overbooking would tend to:
a. make them reduce the amount of overbooking. b. cause them to increase the amount of overbooking. c. let them keep the same amount of overbooking.