Answer:
Elastic demand
Explanation:
The price elasticity of demand is described as the sensitivity of demand to changes in its price. A product is price elastic when a small change in prices causes a significant change in quantity demanded. If a small change in price results in minimal impact in quantity demanded, the product is price inelastic.
Steel mill raised its prices by 7 percent. As a result, the demand declined by 20 percent. The demand decreased by a bigger rate than the change in price. It means a small change in price causes the demand to change significantly. Therefore, the demand curve is price elastic.
Answer:
Fiscal policy is the adjustment of tax rate and government spending that is used to handle current economic situation.
There are several of criticism that usually found on fiscal policies.
- Time Lags.
The effect of fiscal policies could only be felt years after the policies are made. Often times, this goes unnoticed by the citizens of the country, making it look like that the government took no action to handle their economic issues.
- Strengthening foreign influence
One of the things that the government can do to reduce the inflation is by selling government bonds to the public. These bonds can be bought by companies from another countries. This will strengthen that country's influence over US economy.
- It could create a budget deficit for the next government officials.
Government in United States were reshuffled between 2-4 years. While the effect of fiscal policies could need more than 10 years before it actually can be felt. Sometimes, fiscal policies taken by previous government could create a deficit that had to be handled by the next government after the election.
C. The leading importer, but not the leading exporter in the world
US is only the third largest exporter but it is the largest exporter
Answer: d) whether LIRR is liable under negligence to Mrs. Palsgraf.
Explanation:
Palsgraf v. Long Island Railroad Co. was a very famous case in American tort law from 1928 which deals with the issue of being liable to an unforeseen Plaintiff.
In the case, Helen Palsgraf and her daughter were at the Long Island Railroad Co. (LIRR) station platform waiting to board a train to go to the beach when two men were being assisted to enter the train by Employees of LIRR. Whilst this was happening one of the men dropped a product that detonated. This hit her and she began to stammer. She sued the railroad and won in two courts until she got to the New York Court of Appeals where she lost the case as the Judge did not believe the Issue was right.
The Issue was whether LIRR owed her a duty of care even if they could not have known that she could be harmed from helping the men.
