Instead of living in a service economy, we now live in a(n) Mixed economy.
Explanation:
- A mixed economy consist of both private and government /state owned economies which share control of owning, making, selling, and exchanging good in the country.
- U.S. and France are two example of Mixed Economy
<span>The two additional pieces of information required to conclude that the standard of living increased by 4% for the typical person is REAL GDP for 2004 and the GDP deflator value for 2003. We are given nominal gdp at 4% increase which we can state as 1.04. If we are given real gdp or real gdp growth we can then derive the GDP deflator value for 2004 as follows:
2004 GDP deflator = Nominal GDP 2004/ Real GDP 2004.
Now that we have the 2004 GDP deflator, we can compare this to the 2003 GDP deflator which is the second piece of info we need to calculate the Consumer Price Index or CPI. Calculated as follows:
CPI = GDP deflator 2004 / GDP deflator 2003.
The CPI value calculated above will give you year over year inflation from year end 2003 to year end 2004. We can then concluded the change in standard of living for the typical person which is simply the increase in Nominal GDP less inflation which is real GDP growth or SOL (Standard of living growth).
Nominal GDP increase 2004 - Inflation = SOL increase.
4% - 2004 inflation = change in SOL.</span>
Answer:
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The phase of the strategic marketing planning process where managers evaluated on their actions from a conscious marketing perspective is control.
<h3>What is
strategic marketing planning?</h3>
Strategic marketing planning can be3 described as the process of writing and attaining ones plan so as to achieve specific marketing goal.
However, control which is a phase of the strategic marketing planning is where the manager will be able to evaluate their action with respect to the to goals as well as plan.
It should be noted that Companies may develop strategic marketing plans to bring about positive improvement in revenue and profits.
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Answer:
C. The firm will not change output but earn a lower profit
Explanation:
So when there is a lump sum tax imposed on the firm, it would cause the extra costs added to the firm's fixed costs. As the variable costs are not affected, the marginal cost remains unchanged.
However, it would shift the ATC (average total cost) curve upward due to the increase in fixed costs - leading the loss.
So that, the firm will not change the output but earn lower profit.
