Answer:
Price controls are mechanisms of control of the economy by certain governments with centralized economic systems, through which certain guidelines are set for determining the prices of different goods in the market. Thus, for example, the value of consumer goods such as food and other types of essential goods is determined, removing the participation of the law of supply and demand in this process. However, the main conceptual error of this type of measure is that by setting prices that may not be competitive, producers may decide to restrict the supply, either in protest or because it is unproductive for them to offer goods at normal levels, thereby producing a less quantity of goods, with which there is a situation of scarcity.
Answer: A
Explanation:
During the late 19th century, farmers created the farmer's alliance which was a group of farmers fighting for their respective rights as taxes and other things would increase which caused some farmers to go into debt. Therefore with the rise of technology, farmers knew that they could possibly be unemployed due to the amount of money that they would loose.
Music that is intended to evoke images or the convey of the impression of events. _Hope this helped _
The correct options are as follows:
1. DECREASE / INDETERMINATE.
We are told in the question that cafeteria meals are inferior goods. An inferior good is a type of good whose demand decreases as the income of the consumer increases. That is, when the income of a consumer increases, such consumer will buy less of inferior goods and instead move on to buy goods that are more expensive. Thus, the demand for an inferior good will decrease as the income of the consumer increases. People usually buy inferior goods when they have low incomes, immediately their income increases, they move on to buy more expensive goods. Examples of inferior goods are: cheap cars, cheap frozen foods, intercity bus services, etc.
2. I, II AND III
Aggregate demand refers to the total demand for goods and services in a particular economy at a given point in time. The factors that affect aggregate demand include: consumers' expenditures, investment spending on capital goods, government spending and foreign goods. Shifts in these factors will either increase or decrease the aggregate demand. The following factors increase the aggregate demand: When the government reduces the income taxes paid by workers, increases in excess capacity and increase in quantity of foreign goods demanded.
3. AN INCREASE IN EXPORT.
An increase in the amount of goods exported by a country will lead to an increase in the amount of foreign incomes earn by the country, this in turn will increase the spending capacity of that country. Thus, increase in foreign incomes earn by an economy leads to increase in aggregate demand.
