Answer:
Option (a) is correct.
Explanation:
Given that,
In 1975:
Nominal price = $0.10
CPI = 52.3
In 2005:
Nominal price = $1.00
CPI = 191.3
1975 is the base year
Real price in 2005;
= Nominal price in 2005 × (CPI in 1975 ÷ CPI in 2005)
= $1.00 × (52.3 ÷ 191.3)
= $0.273
Therefore, the real price of tennis ball in 2005 is $0.27 in terms of 1975.
The real price of tennis ball in 1975 is $0.10 because the base year is 1975 itself.
When we are comparing the real prices of the years 2005 and 1975, we conclude that tennis ball is cheaper in 1975 as compared to 2005.
Answer:
The correct answer is: declines; higher economic; will incur losses.
Explanation:
A perfectly competitive firm has 1,000 firms that are operating in the long-run equilibrium.
Out of these firms, 100 firms have adopted a new technology that has caused their average cost of production to decline.
These firms will be able to produce more output at the same cost. As a result, their supply will increase, this will cause the price to decline.
The firms with new technology that are facing a lower average cost of production will earn positive economic profits as they have lower costs.
The firms with old technology that have higher production costs will incur economic losses as they have higher costs.
Answer:
The correct answer is letter "A": recovery.
Explanation:
The U.S. Federal Emergency Aid (<em>FEMA</em>) is an agency that aims to provide the necessary support needed in front of major events and natural disasters. The FEMA has five (5) mission areas: <em>prevention, protection, mitigation, response, </em>and <em>recovery</em>. FEMA's recovery mission is to put back on track communities affected by incidents. FEMA's core capabilities include planning, health and social services, infrastructure systems and economic recovery.
