Answer: a) the price level is less than the expected price level.
Explanation:
When the actual output in an economy is lower then the natural output it is called a Contractionary Gap and the price level will be lower.
This is because the Short Run Aggregate Supply Curve and the Demand curve will intersect at a lesser quantity which will equate to a lower price as well because the economy is producing less and the people are demanding less as well so the point at which they meet will be a lesser price.
Answer:
Growth rate of GDP from 2010 to 2011 = 7.0%
Explanation:
The percentage rate of change (R.C) formula is:
R.C= ((Final value-Initial value)/ Initial value)*100
In this case the initial value corresponds to the GDP in 2010 and the final value corresponds to the GDP in 2011, if we apply the formula:
Rate of change (GDP) = (($11,934-$11,150)/ $11,150)*100
Rate of change (GDP) = 7.0%
Explanation:
This act OSHA is effective in the establishment of safety and health standards in businesses. Without this act there would be unsafe working conditions for employees in some companies.
The act is ineffective because of the political administration of the day. A new administration may decide to increase the budget, while another may decide to cut it. There is no standard budget for OSHA.
I do not think the act should be expanded. But it does need an amendment which should follow technological advancements.
Although this act has set safety guidelines for companies to follow, so as to make sure that workers are safe where they work, I believe that companies, businesses, should be allowed to some extents to set safety standards for their workers above that of OSHA.
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