in a traditional economy resources are controlled by the people resources are used in their natural state
<h3>What is a traditional economy?</h3>
A traditional economy can be described as a kind of economic system whereby the traditions as well as the customs, and beliefs is been used in shaping the goods as well as the services of the economy produces, in the manner of their distribution.
In this case, it should be noted that Countries that use this type of economic system are often rural and farm-based, hence traditional economy resources are controlled by the people resources are used in their natural state
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Answer:
Mandatory spending is simply all spending that does not take place through appropriations legislation. Mandatory spending includes entitlement programs, such as Social Security, Medicare, and required interest spending on the federal debt. Mandatory spending accounts for about two-thirds of all federal spending.
Explanation:
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Answer: Option (A) is correct.
Explanation:
Correct option: Leftward; rises
When some of the firms are exited from market because are incurring losses then as a result short run market supply decreases. This is due to the fall in the production level, since some of the firms are not producing anymore.
So, this change in the market supply will shift the market supply curve leftwards.
The market price increases as the market supply decreases.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Division A has a profit of $199,000 on sales of $2,340,000. Division B is able to make only $32,500 on sales of $368,000
Gross profti margin= gross profit/revenue
Division A:
Gross profit margin= 199,000/2,340,000= 0.085= 8.5%
Division B:
Gross profit margin= 32,500/368,000= 0.088= 8.8%
