Using a credit card is like borrowing money, while debit cards let you draw directly from your bank account
Answer:
C. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.
Explanation:
<em>Comparative advantage</em> is simply evaluating the opportunity cost of other benefits or costs, if the country is opting to choose for a specific category of goods for production purposes.
For example, let's say US can produce 20 Television (TV) sets and 50 Air Conditioners in a month. Here, the opportunity cost of producing 1 TV set is 50/20 i.e. 2.5 Air Conditioners. Similarly, the opportunity cost of producing 1 Air Conditioner (AC) is 20/50 i.e. 0.4 TV set. Hence, US should produce Air Conditioners over TV sets as per <em>Comparative Advantage</em> concept.
Take another example, let's say UK can produce 50 Television (TV) sets and 20 Air Conditioners in a month. Hence, the opportunity cost of producing 1 TV set is 20/50 i.e. 0.4 Air Conditioner. On the other hand, the opportunity cost of producing 1 AC is 50/20 i.e. 2.5 TV sets. Thus, UK should produce TV sets over AC's as per <em>Comparative Advantage </em>model.
Hence, US should export AC's to UK and import TV sets from UK to gain from specialization and trade.
<em> In this way nations can gain from specialization and trade by making use of Comparative Advantage theory</em>.
It is to be noted that <em>Absolute Advantage model </em>of Adam Smith is also good as it highlights production of that good by a country, which it can produce in large quantities with fewer resources and minimal time than any other nation in the world. But the <em>Comparative Advantage Model </em>developed by David Ricardo considers opportunity cost and is much more refined than Absolute Advantage Model.
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<h3>The unemployment created by introduction of automatic elevators would be considered as structural
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Explanation:
Structural unemployment is a longer-lasting type of unemployment that is induced by structural economic changes and aggravated by external influences like technology, rivalry, and government policy.
Structural unemployment will last for decades and typically needs to reverse a dramatic shift. Technology continues to intensify systemic unemployment, marginalize certain workers and make certain occupations redundant, such as manufacturing. Structural unemployment can be long-term and difficult to address as it needs either displacement or retraining.
Answer:
remains unchanged as price increases when demand is unit elastic.
Explanation:
Total revenue = price × quantity
Demand is elastic when a small change in price has a greater effect on the quantity demanded.
If price is increased and demand is elastic, quantity demanded would fall more than the increase in price and total revenue falls.
Demand is inelastic if a small change in price has little or no effect on quantity demanded.
If price is increased and demand is inelastic, change in quantity demanded would be less than changes in price. As a result, total revenue would increase.
Demand is unit elastic if a change in price has an equal proportional effect on quantity demanded. The elasticity of demand always sums up to one.
If price is increased and demand is unit elastic, there would be no change in total revenue.
I hope my answer helps you
1. A) Because you don't want to be stuck living with your parents until you are 30
2. B) Living and educational expenses
Reason:
I took a test very similar to this a few days ago, and I am a straight-A student.
