Question

In: Economics

The demand for goods and services is called ____ demand, while the demand for resources is...

The demand for goods and services is called ____ demand, while the demand for resources is called ____ demand.

derived; derived

final; final

final; derived

derive; final

Which statement is true?

A change in derived demand brings about a change in final demand.

A change in final demand brings about a change in derived demand.

A rise in final demand is associated with a decline in derived demand.

None of these statements are true.

The additional revenue obtained by selling the output produced by one more unit of a resource is its

marginal physical product.

marginal revenue product.

final demand.

average revenue product.

Productivity is _________ per unit of __________.

output; input

input; output

labor; capital

None of these choices are true.

The additional output produced by one more unit of input is called:

Marginal revenue product

Marginal physical product

Average revenue product

Average physical product

Solutions

Expert Solution

1). Derived demand is the demand for the goods/services which has been derived due to the demand of any other final goods and services. Whereas, the demand for good and services is known as final demand.

So, when a firm wants to produce a final good it needs resources, so here the demand for resources is the derived demand which has come because firm wants to produce the final good. Therefore, the demand for resources is called derived demand.

So, the answer to this question is third option i.e Final demand, Derived demand.

2). In the above answer, we can see that derived demand is the demand for the good and services which have been derived from the demand of the Final good and services, which is the Final Demand. So, if any change comes in the final demand automatically the change will come in derived demand too. So, the correct option for this question is the second option i.e. A change in final demand brings about a change in derived demand.

3). Marginal Revenue Product is the additional revenue firm earns by employing one more unit of a resource. So, the correct answer is Second Option i.e Marginal Revenue Product.

4). Productivity = Output / Input, so the correct option is first option i.e. Output, Input.

5). Marginal Physical Product is the additional output produced by one more unit of input. So, the answer is second option i.e Marginal Physical Product.

Rahul Sunny answered 1 year ago

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