Answer:
0%
Explanation:
Given that,
Growth rate of money supply = 3% per year
Real GDP growth rate = 3% per year
Velocity = Constant
According to the quantity growth theory of money,
M + V = P + Y
where,
M = Growth rate of money supply
V = Velocity
P = Inflation rate
Y = Real GDP growth rate
M + V = P + Y
3% + 0 = P + 3%
3% - 3% = P
0% = P
Therefore, the inflation rate is 0%.
<u>b. Prototyping</u> refers to the process of developing a working replica of the system or some aspect of the system.
<u>Explanation</u>:
A prototype is a sample used by the system analysts or users to evaluate the new design or build to determine its precision. A prototype is a trial product or software that is widely used in software programming and electronics.
The accuracy of the newly developed product can be checked with the help of prototype. Prototype is the replica of the real product. It helps in correcting design error before its production. Consumer gets easily attracted by seeing the prototype before the release of the original product.
Answer: An availability bias
Explanation: An availability bias is simply defined as the tendency for people to base their judgments on information that is easier to recall than on those that require extensive use of memory. It is also given as an unrecognized tendency of decision-makers to give preference to recent information, vivid images that evoke emotions, and specific acts and behaviors that they personally observed. Albert by asking questions that come to his mind easily as a result of inadequate preparation which leads to his hiring poor quality employees indicates an availability bias.
