It means that excess demand in resource markets will lead to higher resource prices, which will increase costs and direct the economy toward full employment.
Explanation:
An economy’s full employment output is the highest production level when all available resources are used efficiently. It equals the highest level of production an economy can sustain for the long-run. It is also referred to as the full employment production which results in long term supply of the finished good.
When there is increased demand then eventually there will be an increase in the price and also costs of the production which leads the economy towards the full employment output as it is a sustainable output.
Maybe talk about how you're life has been, or what you struggle with and wish to move on from it. Be creative ideas are endless! Or base it on a topic about your life. For example, if you've ever gotten bullied talk about how you felt through that time.
Answer:
The economy is expanding quickly.
Explanation:
Aggregate supply is a measure of the total supply of goods and services made available by the supplier in an economy.
The normal aggregate supply curve is one with a positive slope. That is as price increases there is an increase in aggregate supply, and when price reduces aggregate supply also reduces.
However when aggregate supply curve is vertical, only one level of output is produced no matter the rise or fall of price.
This indicates that the economy is producing at capacity, and any increase in price will not result in increase in output.
It does not mean that the economy is expanding quickly.
Answer:
a partnership business type
Answer:
A) $7,000
Explanation:
Smith can deduct the $5,000 he donated to the church he attends. The art work donated to the local museum must be deducted at its basis, which is $2,000. Since he only purchased the painting 4 months before, the price increase will be considered a short term capital gain. Donated short term capital gain property must be deducted at basis.
The $1,000 he donated to the needy family is not deductible, since it wasn't a qualifying organization.
