Answer:
C
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
Nominal GDP is GDP calculated using current year prices.
If nominal GDP increases, it can be as a result of an increase in price level or an increase in output
for example,
In economy A, price in year 1 is 10 and price in year 2 is 20. Output in both years is 20
Nominal GDP in year 1 = (10 X 20) = 200
Nominal GDP in year 2 = (20 X 20) = 400
It can be seen that nominal GDP increased even though output did not increase
Assume that in economy B, price in year 1 and 2 is 10. Output in year 1 is 100 and output in year 2 is 200
Nominal GDP in year 1 = (10 x 100) = 1000
Nominal GDP in year 2 = (10 x 200) = 2000
Increase in nominal GDP in this economy is as a result of an increase in output
Answer:
plan
Explanation:
planning is the first step,for every business to succeed there must be planning
Answer: social requirements
Explanation: In simple words, social requirements refers to the steps and precautions that a firm should take for operating their business efficiently in an environment.
The Indian community consist of a large number of vegetarians having religious sentiments that do not allow them to eat non veg. Thus, it is necessary for the firm to properly communicate them the presence of animal based ingredients in the product.
Germaine is operating in a perfectly competitive market. As there are many competing florists, each selling somewhat unique floral arrangements, earning zero economic profits in the long run.
<h3>What is perfectly competitive market?</h3>
Perfectly competitive market is considered when all the competitors have same items and has no influence on pricing, and companies can enter and exit the market at any moment.
The market without restriction, customers have perfect or complete information, and companies are unable to set prices, according to economic theory.
Thus, the situation is of perfectly competitive market.
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Answer:
Th answer is: A) Rent a car.
Explanation:
If the consumer rents the car he will spend $60 ($30 per day x 2 days) in rent and $240 (= $5 per hour x 48 hours) in used time. His total cost will be $300.
If the consumer buys a plane ticket he will spend $400 and $10 ($5 per hour x 2 hours) in used time. His total costs will be $410.
Since both marginal utilities are the same, we have to choose the alternative with the lowest possible cost; rent a car.