Answer:
Nominal GDP in year 1 = $16
Nominal GDP in year 2 = $25
Nominal GDP in year 3 = $36
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Net export = exports – imports
Nominal GDP is GDP calculated using current year prices
Nominal GDP in year 1 = 4 x $4 = $16
Nominal GDP in year 2 = 5 x $5 = $25
Nominal GDP in year 3 = 6 x $6 = $36
The difference is called the range
It can be best said that Mike is now seeking a job that not only pays well, but also offers intrinsic rewards, in the form of job satisfaction and a sense of accomplishment.
Good compensation is a form of extrinsic rewards, alongside status. Intrinsic rewards are things that you find pleasing because it is satisfying to you, not because you think it would gain you respect or other people’s acceptance.
Answer:
price ceilings; shortage
Explanation:
Price control is defined as government imposed prices to regulate the way forms make profit in the market. Take for example if a product is in high demand and firms can raise prices very high to make profit. To protect the consumer the government will set a price ceiling to limit price increase.
In Venezuela when price ceilings were implemented the sellers will create artificial shortage which forces the consumer to buy at higher prices in a black market arrangement.
