Answer: Substitution bias:
Explanation:
Substitution bias explains a possible bias in economic index numbers if they do not incorporate data on consumer expenditures changing from products with a relatively high cost to a product with a cheaper price as the prices changes.
Substitution bias happens or can occurs when prices for products change relative to one another product. Consider how consumer expenditures are reflected in a consumer price index. Consumers will tend to buy more of the good whose price declined, and less of the now relatively more expensive good.
Answer:
The answers are:
- $80,000
- $80,000
Explanation:
The nominal GDP includes all the production of final and legal products and services. The real GDP is the nominal GDP adjusted to inflation.
Peg's contribution to nominal GDP in 2015 was $80,000 (4,000 nail sets x $20 per nail set). If 2015 was the base year, in this case real GDP is the same as nominal GDP.
Answer:
Direct labor cost= $31,200
Explanation:
Giving the following information:
Production= 48,000 units
Standard time= 3 minutes per unit
Rate= $13 per hour
First, we need to calculate the number of hours required:
The proportion of minuted per hour= 3/60= 0.05
Number of hours= 48,000*0.05= 2,400 hours
Now, the direct labor cost:
Direct labor cost= 2,400*13= $31,200
The owner of the property, who allow the lien, is relate to as the Lienee and the person who has the advantage of the lien is referred to as the Lienor or Lien holder.
In the United States, the term lien usually pertain to a wide range of encumbrances and would involve other forms of mortgage or charge.
Answer:
Absolute reference
Explanation:
An absolute reference in excel indicates a reference that is locked such that rows and columns do not alter when copied to another cell in the excel sheet.
It points to an actual fixed location in excel and absolute referencing is simply by adding a dollar sign before the row and column.
In other words ,Ellen will absolutely reference her income ,as the income is the same month-on-month.
