The best and most correct answer among the choices provided by your question is the second choice or letter B. A lower standard of living one of the disadvantages of having a traditional economy.
Traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic<span> system are often rural and farm-based.
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Answer: more; externality; market power.
Explanation:
Bakers are much (more) likely to supply pastries to the market if property rights are not enforced.
a. A manufacturing plant dumps chemical waste into a nearby river, poisoning the water supply for a small town downstream. - Externality
Externality, refers to the benefit s or costs that someone else incurs based on the economic decision of another person. In this case, this is a negative externality as the small town bears the cost of the production activities of the company.
b. A single public utilities company is responsible for supplying electricity for an entire state. As a result, the utilities company can set the price of electricity - Market power
Market power is when a firm is able to dictate the price and can then raise the price. This brings about the reduction in output as well. Since the single public utilities company is responsible for supplying electricity for an entire state, the company is enjoying monopoly power or market power.
Answer:
research four other examples of inferior goods.
There are many examples of inferior goods. Inferior goods are al those goods whose demand rises in times of economic recession. Some examples are:
Cheap food substitutes like supermarket coffee, instantaneous ramen, or canned vegetables.
Cheap clothes.
Flights in low-cost airlines.
Consider the impact of economic recessions and expansions on normal goods.
Economic recessions impact normal goods negatively because people have less income to spend, and they opt to substitute the normal goods for inferior goods.
discuss how revenues of inferior goods producers are expected to be affected by economic recessions and expansions.
In economic recessions, revenues for producers of inferior goods are expected to rise because demand for inferior goods grows. However, because inferior goods are precisely cheaper, this does not necessarily mean that every inferior good producer will make a lot of money.
In economic expansions, revenues for producers of inferior goods will fall, because people, with more income, will flock to normal goods or even luxury goods.
Answer:
a M1 would not change.
Explanation:
the checkable deposits are part of M1 as well as the currency and coins. Therefore, a component of M1 decrease (currency) while another of M1 (checkable deposits) increase.
As the banking system works with a 100-percent required reserve there is no multiplier effect from the deposit therefore M1 do not change.
