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Nimfa-mama [501]
3 years ago
5

Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a large amoun

t. True or false?
Business
1 answer:
g100num [7]3 years ago
7 0

Answer:

This is a false statement.

Explanation:

Price has certain effect on the demand of a product.

An increase in price may lead to higher demand while an decrease in price may lead to lower demand.

The increase or decrease in demand following the fall or rise in price varying amount different products.

Product demand is said to be elastic when a change in price has relatively big effect in the demand while it is said to be inelastic when a change in price lead to little change in demand of a product.

As a result, the statement quote in the question is false. Demand for a good should be said to be elastic instead given the quantity demanded increases substantially when the price falls by a large amount.

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In general, individuals and nations should specialize in producing goods _________ other individuals or nations.
denpristay [2]

Answer: In general, individuals and nations should specialize in producing goods <u>"C. for which they have a lower opportunity cost compared to"</u> other individuals or nations.

Explanation: According to the theory of comparative advantages: Each country should specialize in what is most efficient. A comparative advantage is the ability of one country to produce using relatively less resources than another.

4 0
3 years ago
Characteristics of budgets include: (Check all that apply.) Multiple select question. a focus on the past. typically span a mont
const2013 [10]

Answer:

I. typically span a month, quarter or one year.

II. expressed in monetary terms.

III. formal statement of a company's plans.

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year.

Basically, budgets are usually compiled, analyzed and re-evaluated on periodic basis such as monthly, quarterly or annually.

Some of the important characteristics of budgets include:

I. It typically span a month, quarter or one year.

II. It's expressed in monetary terms.

III. It's a formal statement of a company's plans.

Furthermore, some of the benefits of having a budget are; it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.

6 0
3 years ago
Suppose you have three choices as to what to do for two hours on Sunday afternoon: work around the house, earning $3.50 an hour;
kobusy [5.1K]

Answer:

the opportunity cost is in the case when you choose to go to the movies is $20

Explanation:

The computation of the opportunity cost is in the case when you choose to go to the movies is shown below:

= Earning per hour × number of hours

= $10 × 2 hours

= $20

Hence, the opportunity cost is in the case when you choose to go to the movies is $20

5 0
2 years ago
Companies that fail to install adequate safety equipment because they feel pressured not to cut into their profits commit a crim
UkoKoshka [18]

This behavior best explained by Strain theory

Explanation:

Strain theory, in sociology, a hypothesis that pressure arising from social conditions, such as lack of income or lack of quality education, causes individuals to commit a crime. Strain theory describes deviant behavior as an unavoidable consequence of the experience of distressing individuals as they are deprived of the means of attaining cultural goals.

The central principle of general strain theory is that people who encounter pressure or stress are depressed or frustrated which can lead them to commit a crime to cope.

8 0
3 years ago
A specific reduction in government spending will dampen demand-pull inflation by a greater amount the: 
A. Smaller is the econom
lina2011 [118]

Answer:

The correct answer is option C.

Explanation:

A reduction in spending is going to reduce the income of the consumers in the economy. The consumers do not spend all their income but save it partially. The saving is used to create funds which are invested again and lead to increase in output. The rate of consumption depends on the marginal propensity to consume and marginal propensity to save. The marginal propensity to save is 1-MPC. Smaller MPS will cause saving to be less, consequently investment will also be lower.

So, a reduction in the government spending will be more effective in curbing demand-pull inflation if the marginal propensity to consume is higher and marginal propensity to save is smaller.

5 0
3 years ago
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