Slave rice cultivators commonly worked by the TASK SYSTEM, which involved a specific assignment for a days work. :)
Answer:
E) A and C are correct.
Explanation: A and C are correct because:
1. A price taking firm is a perfectly competitive firm; a firm that cannot influence the market price. It does not set the market price and is only in business to sell at the prevailing market price, or lower its prices to attract customers.
Therefore, Alcoa has violated this assumption because it is the sole seller of aluminum and is not a price taker but rather a Price Maker. Alcoa can set the price of aluminum to any level it likes at it enjoys pricing power.
2. Free entry assumption: free entry is one of the qualities of a perfectly competitive market, because firms can easily come into the business with little or no hindrance.
Alcoa has however violated this assumption because it owns nearly all the aluminum ore reserves in the world. It would therefore be very difficult or impossible for another firm to gain free entry into the aluminum business.
Answer:
E. Most cash purchases are likely to be rounded off to a higher unit of the currency once the polka is taken out to the system.
Explanation:
A nation's inflation rate is given by the general rise in the price of its products and services. If the Polka is taken out of circulation, and most businesses will start rounding off their prices to a higher unit, then the general price level in West Tarragon will rise. If the Polka wasn't worth that much then the rise in the general price level will be small, but it still will be an increase.
Answer:
1.45%
Explanation:
FICA tax is composed of Social security tax and medicare tax.
Therefore, FICA = social security + medicare
FICA = 7.65%, and social security = 6.2%
7.65% = 6.2% + medicare
Medicare = 7.65% - 6.2%
Medicare = 1.45%
Answer:
At such high inflation rates, the economy tends to break down. ... When inflation is too high, the Federal Reserve typically raises interest rates to slow the economy and bring inflation down. When inflation is too low, the Federal Reserve typically lowers interest rates to stimulate the economy and move inflation higher.
Explanation:
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