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Chapter 12 Review (Micro) Flashcards | StudBud
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Chapter 12 Review (Micro)
Chapter 12 Review (Micro)
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1
Because the demand for a
resource
is highly dependent upon the demand for the
final goods
that the resource helps...
elastic demand
derived demand
declining proportions demand
independent demand
2
Compared to the short-run demand, the long-run demand for a resource is...
more elastic
less elastic
either more or less elastic; we cannot predict which
equally elastic
3
The short-run supply of a human resource will be more elastic the
lower the skill level necessary to perform the job
more inelastic the demand for the product to be produced
harder it is to get the skill/knowledge necessary o produce the resource.
more elastic the demand for the product to be produced
4
A decrease in the demand for a
final product
will cause...
firms to expand production of the good
an increase in demand for the resources used to produce the good
a decrease in demand for the resources used to produce the good
an increase in the supply of resources used to produce the good
5
Economists refer to expenditures on training, education, and skill development designed to increase productivity as...
social capital
sunk expenditures
investments in human capital
overhead expenditures
