Answer:
2011 = 113
2012 = 119
Explanation:
The computation is shown below:
GDP deflator = (Nominal GDP) ÷ (Real GDP) × 100
For 2011, it would be
= ($13,495 billion) ÷ ($11,919 billion) × 100
= 113
For 2012, it would be
= ($14,241 billion) ÷ ($12,007 billion) × 100
= 119
In order to find out the GDP deflator, we divided the Nominal GDP by the Real GDP
Answer:
Quantity demanded is the amount of a good that buyers are willing and able to purchase at a particular price. Many things determine demand, but only price can determine the quantity demanded of a specific good. If you have the money and are willing to buy 2 ice cream cones a week, at $2 per cone, the quantity demanded would be 2 cones a week. Now, what happens if the price increases to $4 a cone? If you are like most people, the quantity of ice cream cones you demand will decrease as the price rises. In this case, assume your quantity demanded is now only 1 cone a week, which is what you are willing and able to buy. Notice that as the price of the cones increases, the quantity of ice cream cones demanded decreases. This means quantity demanded is negatively related to price-which means they have an inverse relationship. Economists refer to this relationship as the law of demand. The law of demand states that, other things being equal, when the price of a good rises, the quantity demanded of that good falls. The reverse is also true-when the price of a good falls, the quantity demanded of that good rises. The combination of the quantities people are willing and able to buy of a good or service at various prices constitutes a demand schedule. When the demand schedule is graphed, the demand curve is downward sloping.
Labor union protect the workers right and interest.
Firstly, let understand that labor union is basically an association of workers which can either be for a trade or profession, with the main objective of protecting members rights and interests
- The major function of labor union is to help improve the lives of members by negotiating and determining the remuneration rate that should be provided to them such as wages, salaries, hourly rate, minimum wages etc.
Some advantage of Labor union for workers are:
- Its helps to protect the interest of workers.
- Its helps to negotiate and promote higher wages and better benefits.
- Its help to ensure workplace safety.
- The union serves as workers representatives.
Learn more about Labor union here
<em>brainly.com/question/453055</em>
For a restaurant, some variable costs could be labor costs/ worker wages, raw product/ purchasing food to cook, and energy and fuel/ utilities.
Answer:
False
Explanation:
A firm should end production and shut down only when its total revenue falls below variable costs, because at this point, production will bring about more losses, compared to if the company isn't producing at all.
<u>If total revenue exceeds and can cover its variable cost, a firm should remain in operation in the short run</u> (even if it is incurring losses), as this contributes to paying off the firm's fixed costs.
