Which of the Following Represents a Derived Demand? Demand for
Which of the following represents a derived demand? Demand for
A) a hamburger eaten by Sam when she is hungry.
B) a checkout chic at your local Safeway store.
C) new clothing by Matthew, who is starting a new job.
D) golf balls by Jose, who is going golfing with his boss.
E) a car by Jack, who wants a car to get to school.
Sky High Camping offers overnight camping in tree houses built on its 10-hectare property. Workers are hired to build and maintain the tree houses. Which of the following are true statements? i. The land and the trees grown are considered natural resources.
Ii) The demand for trees and land is not a derived demand because supply is limited.
Iii) The demand for workers is considered a derived demand because they help produce the service of tree-house camping.
A) ii and iii
B) i and iii
C) i only
D) iii only
E) i, ii and iii
If the demand for a good increases, the demand for the factors used to produce the good
B) stays the same.
D) could increase, decrease or stay the same depending on whether the demand for the good is elastic, inelastic or unit elastic.
E) None of the above answers is correct.
The value of the marginal product of labour is calculated by multiplying the ________ by the ________.
A) wage rate; price of a unit of the output
B) total product; wage rate
C) marginal product of labour; price of a unit of the output
D) quantity of labour; wage rate
E) marginal product of labour; wage rate