Answer:
The correct answer is: unemployment and inflation are negatively related. In the long run they are largely unrelated problems.
Explanation:
According to the Philips curve, in the short run, inflation and unemployment rate are inversely related. This implies that when inflation decreases, the unemployment rate increases.
This is indicated by the downward-sloping Phillips curve. When the government adopts a contractionary policy to reduce inflation, unemployment will increase.
In the long run, the Phillips Curve will be a vertical line at the natural rate of unemployment. The inflation rate is not related to the unemployment rate in the long run.
Answer:
C) The theory of Comparative Advantage
Explanation:
The theory of Comparative Advantage is a theory of international trade and it comes into effect in a situation where the <u>opportunity cost of producing a good or offering by a service by a country is lower than that of other countries. </u>
Specifically, to understand the theory of comparative advantage the opportunity cost of production or offering a service has to be measured in terms of the trade off between those countries. It simply means when a country has the comparative advantage then it derives more benefits from other countries buying its products as compared to buying their products and vice versa.
In the question, the European Union has the Comparative advantage over South Africa because the trade-off between buying South Africa's edible fruits and nuts and selling other products to South Africa benefits the European countries.
European countries derive more benefits because South Africa buys their goods at a cost higher than it takes them to produce while they buy at the normal cost from South Africa. The <u>trade-off benefits Europe </u>
Answer:
The options for this question are the following:
a. marginal cost equals average revenue.
b. marginal revenue equals average cost.
c. average total cost equals average revenue.
d. marginal revenue equals marginal cost.
The correct answer is d. marginal revenue equals marginal cost.
Explanation:
The pure monopoly arises when there is a total absence of competition, due to independent entry barriers to the company's competitive capacity.
A single company offers a product that has homogeneous characteristics, which has no substitutes and for that reason has a large number of buyers. There are also economic, technological or legal barriers that prevent the entry of potential competitors. That is, there are barriers to entry.
In general, a monopoly situation occurs in the market when a single company controls the level of production and price of a product in the market. We could say that this single company has the ability to determine the price to be charged for that product and will have the power to decide the amount of production it will offer to the market.
On average, someone with a Bachelor's degree is estimated to
earn 84% more than someone with a high school diploma.
According to the analytics of National Center for Education
Statistics (NCES), those who have college degrees can earn significantly more
compared to those with only high school diploma.
Answer:
Data Quality Principle
Explanation:
Collected data is said to be relevant if it is a true representation of real world facts. If it is not then conclusions drawn from it will be incorrect.
Data should be complete, consistent, have integrity, and relevant for a specific use.
For example in marketing, a company uses names and contact information to promote their goods and services. The data needs to be correct and updated for it to be useful. Assume a customer has changed his address and phone number, and these were not updated. It will be difficult for the company to conduct business with him.
