In a "Free market" system, supply and demand forces affect the production and consumption decisions. There is little to no price control in such a system.
The first blank could also be "perfectly competitive" or "market efficient" system. The second blank can also be "deadweight loss". This means that producers are price takers, not price makers, and that the quantity produced and the equilibrium price of goods are determined by the free market. Usually this implies a very large number of firms producing identical products, with no collusion among them.
Answer:
The equilibrium price level will double.
Explanation:
Suppose that the economy has a money supply of $4 billion and the income velocity of money is 8, the price level will be 4 and the real GDP is $8 billion. The formula we are using is:
- Money supply x velocity = price level x real GDP
If the money supply remains the same ($4 billion), the income velocity of money is 16 (it doubles), and the real GDP is $8 billion, then the price level will be:
$4 x 16 = price level x $8
$64 = price level x $8
price level = $64 / $8 = 8
So the price level has doubled to 8.
Answer: Public relations
Explanation: Public relations is the technique of maintaining the dissemination of information deliberately between an individual or group of individuals and the citizenry.
Public relations may include a company or person that uses subjects of public interest and media articles that do not involve direct payment to be exposed to their audiences.
In The given case, Rick was intentionally using media sources for making people aware and interested towards his project. Hence we can conclude that the given case is an example of public relations.
Answer:
Database Management System
Explanation:
The DMS is a software that is used for improving data sharing, provision of security by limiting access of data to authorized people, integration of the data with other systems and many more. This provides a greater access and control of data to the user of this software.
Answer:
Ethnocentrism
Explanation:
Ethnocentrism occurs when someone judges the culture of others by their own perspective and values, judging in a derogatory way the cultural identity of other peoples. When an international manager takes an ethnocentric stance, he is reaffirming stereotypes about some culture that are often loaded with prejudice to mark people or places based on some trait. In this matter, the manager adopted a negative and problematic posture, because in addition to advanced technology, each culture has a particular way of expressing, consuming, acting and understanding. Therefore, disregarding the characteristics and perspectives of a different culture, the insertion and development of some business strategy will not be effectively directed.
