Answer
The answer and procedures of the exercise are attached in a microsoft excel document.
Explanation
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Answer:
Excluded from GDP
The production of the set of tires does not included on the GDP as it is referred to as an intermediate goods which are used to produce the final product (which is the two door coupe, in this case).
Explanation:
Gross domestic Production (GDP) represent the total production of a nation within its domestic borders. Some of the items that are excluded in GDP include: sales of goods that were produced outside the domestic borders of the country, intermediate goods that are used to produce other final goods, sales of used goods, illegal sales of goods and services (black market) and transfer payments made by the government
Jackson motors tells sue, a consumer, that bliss automobiles are made with metal bodies when they are in fact made of fiberglass. This would be considered a fraudulent misrepresentation.
Under contract law, a plaintiff can recover compensatory damages against any defendant when the court finds that the defendant has committed a fraudulent misrepresentation. Courts will find that a defendant has committed a fraudulent misrepresentation when following factors have been met:
a representation was made by the defendant, the representation which was made was false
that when it is made, the defendant knew that the representation made by him was false.
that the fraudulent misrepresentation was made with the intention so that the plaintiff rely on it.
To know more about fraudulent misrepresentation here:
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Answer:
B) The Supply of corn will decrease and the price of corn will rise.
Explanation:
Option B is correct because the drought has damaged the corn crops. Therefore, this will affect the supply of corn in the market. Moreover, the damage of corn crops will shift the supply curve leftwards and this shift in the supply curve will push the prices upwards. Thus, the damage of corn crops will increase the prices due to a decrease in its supply.
