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:
a. positive, so Joan considers hamburger to be an inferior good.
Explanation:
Income elasticity is a microeconomic concept that aims to measure the sensitivity of demand in the face of income changes. To calculate the Income elasticity , a formula is used that divides the observed percentage change in quantity (Q) by the percentage change in price income (P): Elasticity = ▲ Q / ▲ P
The percentage change in quantity (▲ Q) and the percentage change in price (▲ P) are calculated by the difference in quantity / price in the two periods divided by the quantity / price of the first period.
▲ Q = (60 -50/60) = 0,16
▲ Q = (40.000 - 30.000/40.000) = 0,25
Elasticity = ▲ Q / ▲ P = 0,16/0,25 = 0,64
Therefore, the elasticity is positive.
This good is considered inferior, because according to microeconomic theory, inferior goods are those whose demand increases when consumer income decreases. This is the opposite of the normal good, which has its demand increased when income increases.
Answer:
The correct answer would be option B, The attractiveness of the store's location and the time it takes to travel to the store.
Explanation:
According to the Huff Gravity Model, The two factors which attract customers to a store location are the attractiveness of that store's location and the time it takes to travel to the store.
This means that according to the Huff theory, people will likely to purchase from a store which is present at a more attractive location and also the time taken to reach at that specific store is less. For example, I myself prefer going to Lulu Hypermarket over Panda Hypermarket because of the difference in the location of both the stores and also Lulu Hypermarket is more near to me than Panda Hypermarket. The location of Lulu is more attractive.
Answer: True
Explanation: By conducting a small project as a proposal, a contractor is actually showing in a small scale that he is both capable, is the right man for the job (external project) and is able to ensure the external project is completed with its goals and objectives accomplished. It is these goals that drive the project, and all the planning and implementation . As such, the project has to be compelling and complete.
True gives the answer to the question.
