Answer: the bank on which the check is drawn because it must pay the check. (A)
Explanation:
A Drawee is a banking and legal term that is used to describe the party which has been directed by the depositor to pay a certain amount of money to the person who is presenting the draft or check or draft.
A typical example is if when someone is cashing a paycheck. The drawer is the bank that cashes the person's check, the drawer is the employer or person who wrote the check, and the person cashing the check is the payee.
The price of the water needs to be raised by 40% when the consumption of water reduces by 10% and the price elasticity of demand results to 25%.
<h3>What is meant by the price of elasticity of demand?</h3>
The price elasticity of demand is determined as the proportionate variation in quantity with respect to variation in the price of a good.
Given values:
Change in water consumption (fall): 10%
Price elasticity of demand: 25%
Computation of percentage change in the price of water:
Therefore, there is an increase in water price by 40%.
Learn more about the price elasticity of demand here:
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<span>Overwhelmingly, blacks refused to work in gangs under the direction of an overseer and generally preferred renting land to working for wages. African American's took the opportunity of freedom to educate themselves, band together, and work towards a more equal and fair life for not only themselves, but also their families.</span>
Answer:
no restrictions on trade
Explanation:
Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.
The comparative advantage gives a country a stronger sales margin than their competitors as they are able to sell their specific products or render their peculiar services at a lower opportunity cost.
In 1817, David Ricardo who is an english political economist talked about the law of comparative advantage in his book “On the Principles of Political Economy and Taxation." where he asserted that countries can become better off by specializing in what they do or produce best and eliminate trade barriers (restrictions).
This simply means that, any country applying the principle of comparative advantage, would enjoy an increase in output and consequently, a boost in their Gross Domestic Products (GDP).
Hence, according to the theory of comparative advantage, consumers in all nations can consume more if there are no restrictions on trade.
