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3 years ago

If real gross domestic product (GDP) grew by 2 percent and the inflation rate was 2 percent, then nominal GDP grew by

Business

1 answer:

ohaa [14]3 years ago

6 0

Answer:

Explanation:

If the real gross domestic product for the year grew by 2%

The inflation rate also grew by 2%

Then nominal GDP rate can be calculated as follows

= Real GDP + inflation rate

= 2% + 2%

= 4%

Hence the nominal gross domestic product grew by 4%

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What will happen to the firms equilibrium wage rate when the supply of labour decrease from 25 to 15? Explain with the help of d

Tpy6a [65]

Answer:

Wage rate = $960

Explanation:

Supply of labor is the number of hours workers are willing to work at a given real wage rate. When wage rate increases, supply of labor also increases because more people are encouraged as now they can obtain a higher income. When wage rate decreases, labor supply also decreases.

<em><u>View diagram</u></em>

In this case, however, there has been a decrease in supply, causing the supply curve to shift from S to S1. This can be due to many reasons such as migration, increase in minimum working age or increase in interest in education causing more people to study. When the supply of labor falls, there are less people available for work. Thus, demand exceeds supply, causing a shortage. Hence, the pressure causes price, i.e. wage rate to increase. To determine by how much the increase is, cross-multiplication can be used:

At 25 laborers, wage rate is $600 (25 = 600)

At 15 workers, wage rate is X (15 = X)

We now substitute for X, which is the amount by which wage rate will increase.

25 / 600 = 15 / X

Thus, 25X = 9000 (600 x 15)

9000 / 25 = X

X = 360.

Hence, wage rate at 15 laborers is 600 + 360 = $960

3 0

3 years ago

Andrew Flint is the CEO of a small, publicly held company based in Idaho Falls, Idaho. Flint earned $76,000 last year as CEO. In

Natasha2012 [34]

Answer:

D, Flint can simply write ot the SEC to voice his concerns.

Explanation:

Since Flint does not have a case that warrants a court challenge but rather an observation, Flint can simply write to the SEC to intimate them about his observations and/or findings, as well as let the SEC know the position of his company on the rule being proposed by it.

Cheers.

6 0

3 years ago

for each of the following goods that are imported in the united states, identify which of the three sources of comparative advan

olya-2409 [2.1K]

For each of the following goods that are imported in the United States, abundant input is the only source of comparative advantages that accounts for that country's comparative advantage. Therefore, the option A holds true.

<h3>What is the significance of a comparative advantage?</h3>

A comparative advantage can be referred to or considered as a situation in which a producer has an economic advantage over the other in a number of economic activities. At least two economies need to be a part of the society for the occurrence of a comparative advantage.

Abundant inputs is one of the key sources of comparative advantage. It is considered as a source that can account for another country's comparative advantage, when it lets the United States import its goods.

Therefore, the significance regarding comparative advantage has been aforementioned.

Learn more about comparative advantage here:

brainly.com/question/13221821

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7 0

1 year ago

Using _____ information will help you determine whether an industry is expected to increase employment.

zhuklara [117]

Career outlook is the correct answer

3 0

3 years ago

Read 2 more answers

It takes 30 minutes of direct labor time to make one unit. Direct labor wages average $17 per hour. Variable overhead is applied

Cerrena [4.2K]

Answer:

$404,000

Explanation:

Overheads includes all indirect cost incurred to product the units to be sold. Indirect costs are those costs which are not directly traceable / attributable to the product. These cost are variable and fixed.

Time for each unit = 30 minutes = 0.5 hours

Budgeted production in November = Closing Inventory + Sales in November - Opening Inventory.

Budgeted production in November = (180,000 x 10% ) + 135,000 - 14,000 = 139,000

Budgeted production overhead Included all the variable and fixed overheads incurred to produce the budgeted production.

Variable overhead = 139,000 x 5 X 0.5 = $347,500

Total budgeted Overhead = $347,500 + $56,500 = $404,000

5 0

3 years ago