Which of the following best defines resource demand in economics?
The quantity of resources available in the market
The willingness and ability of consumers to purchase resources at various prices
The government's regulation of resource allocation
The amount of resources produced by firms
#2
What does the law of demand state in relation to resource demand?
As the price of a resource increases, the quantity demanded decreases
As the price of a resource decreases, the quantity demanded increases
As the price of a resource increases, the quantity demanded increases
There is no relationship between price and quantity demanded for resources
#3
In economics, what is the concept of resource utilization?
The percentage of resources owned by a nation
The efficiency with which resources are allocated and used to produce goods and services
The total amount of resources available in an economy
The process of consuming resources without considering future needs
#4
Which of the following is NOT a factor affecting resource utilization?
Technological advancements
Government policies
Population growth
Resource availability
#5
What is the concept of elasticity of resource demand?
It measures the responsiveness of resource quantity demanded to a change in resource prices
It measures the total quantity of resources demanded by consumers
It measures the total revenue generated from the sale of resources
It measures the government's control over the allocation of resources
#6
Which of the following is a determinant of resource demand elasticity?
The availability of substitutes
The level of government intervention
The size of the resource market
The total quantity of resources produced
#7
What is the relationship between resource demand and productivity?
Higher resource demand leads to lower productivity
Higher resource demand leads to higher productivity
Resource demand and productivity are unrelated
Productivity affects resource demand, but not vice versa
#8
Which of the following is a determinant of resource demand?
Price of related goods
Government regulations
Consumer preferences
All of the above
#9
What is the difference between resource demand and resource quantity demanded?
There is no difference; the terms are interchangeable
Resource demand refers to the total amount of resources desired by consumers, while quantity demanded refers to the amount demanded at a specific price
Resource quantity demanded refers to the total amount of resources available, while resource demand refers to the amount consumers are willing to pay
Resource demand refers to the demand for labor, while quantity demanded refers to the demand for capital
#10
What does a perfectly elastic resource demand curve look like?
A vertical line
A horizontal line
A curve with a constant slope
A curve with a changing slope
#11
How does resource utilization affect economic growth?
Higher resource utilization leads to slower economic growth
Higher resource utilization has no impact on economic growth
Higher resource utilization generally leads to higher economic growth
Higher resource utilization only affects inflation rates
#12
What is the difference between resource demand and derived demand?
There is no difference, they refer to the same concept
Resource demand refers to the demand for raw materials, while derived demand refers to the demand for finished goods
Resource demand refers to the demand for resources by consumers, while derived demand refers to the demand for resources by firms to produce goods and services
Resource demand refers to the demand for labor, while derived demand refers to the demand for capital
#13
What is the concept of marginal productivity of resources?
It measures the total productivity of all resources combined
It measures the additional output produced by an additional unit of a resource
It measures the productivity of resources relative to the cost of production
It measures the productivity of resources in the long run
#14
How does the availability of technology affect resource utilization?