Econ 1001 chap12 Study guides, Class notes & Summaries

Chapter 12: The Demand for Resources WITH ANSWERS Multiple Choice Questions 1. Resource pricing is important because: A. resource prices are a major determinant of money incomes. B. resource prices allocate scarce resources among alternative uses. C. resource prices, along with resource productivity, are important to firms in minimizing their costs. D. of all of these reasons. 2. Which of the following statements best illustrates the concept of derived demand? A. As income goes up the dem...