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zmey [24]
3 years ago
13

There is no difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical sub

stitution. True or False.
Business
1 answer:
Tasya [4]3 years ago
7 0

Answer:

False

Explanation:

There is a huge difference between Diminishing marginal utility and law of diminishing marginal rate of technical substitution. The diminishing marginal rate of utility is used to construct short-run production function and it is based on cardinal utility. Correspondingly, the law of diminishing marginal utility is used to construct long-run isoquants and isocost curve, and it represents ordinal utility.

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Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production
Leno4ka [110]

Answer: The loss of enjoyment people incur when scenic land is converted to commercial use.

The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government.

The leisure time enjoyed by Americans Funds spent by state governments to build highways

Explanation:

The gross domestic product is the value in terms of money of all the goods and services that are produced in a particular country at a certain period of time.

Over time, people have often criticised the use of GDP as a good measurement of the output of a nation that it does not include every transactions and production for that nation. In this scenario, the following cases are either not accurately accounted for or are measured inaccurately.

1. The loss of enjoyment people incur when scenic land is converted to commercial use.

2. The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government.

3. The leisure time enjoyed by Americans Funds spent by state governments to build highways.

In the above cases, the monetary value of these activities aren't reflected on the GDP calculation.

6 0
3 years ago
Suppose that the adult population in some country is 225 million. If 40 million are unemployed and 100 million are employed, the
Yakvenalex [24]

Answer:

28.57%

Explanation:

The computation of the unemployment rate is shown below:

Unemployment rate = (Number of Unemployed workers) ÷ (Total labor force) × 100

where,  

Total labor force would be = Unemployed + employed

= 40 million + 100 million

= 140 million

So, the unemployment rate would be

= 40 million ÷ 140 million

= 28.57%

It should always be expresses in a percentage form.

3 0
4 years ago
The Purchase and sales agreement provides for release of earnest money to the seller after the buyer's property inspection. The
Papessa [141]

The broker should refuse to release the earnest money even after the  seller requested the earnest money prior to the property inspection.

<h3>What is earnest money?</h3>

Earnest money refers to the deposit paid by a buyer to a seller, reflecting the good faith of a buyer in purchasing a home.

It is the money paid to a merchant or seller to complete a contract or money paid to a merchant / seller to show good faith in the transaction.

Hence, the broker should refuse to release the earnest money even after the  seller requested the earnest money prior to the property inspection.

Learn more about earnest money here : brainly.com/question/14342438

6 0
2 years ago
Opal Production Company uses a standard costing system. The following information pertains to the current year: Actual factory o
Mariulka [41]

Answer:

$750 Unfavorable

Explanation:

The calculation of variable overhead efficiency variance is shown below:-

Variable overhead efficiency variance = (Actual direct labor hours - Standard hours allowed) × (Variable factory overhead ÷ Factory overhead rate)

= (10,000 hours - 9,500 hours) × ($18000 ÷ 12000)

= 500 hours × $1.5

= $750 Unfavorable

Therefore for computing the variable overhead efficiency variance we simply applied the above formula.

8 0
4 years ago
Alice Faulkner is a professional salesperson. She earns her living by selling advertising for The New York Times newspaper. In a
nika2105 [10]

Answer:

The answer is C.

Explanation:

According to the definition of demand which states that demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

From the definition, we can conclude that before a customer can make a demand, they must first have:

- a need for a product or service,

- the will to purchase the product or service, and

- the purchasing power to effect the purchase of the product or service.

Therefore Alice Faulkner can be able to determine if the prospect she is selling to is a qualified prospect by assessing the demand, willingness, and purchasing power of the prospect, all these assessments will of course be done in relation to what Alice Faulkner is selling.

7 0
4 years ago
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