A client's line or constraint suggests diverse mixtures of products that may be purchased with a particular amount of income Budget Line shows all the bundles/combinations of two commodities that a consumer can buy with the given income at a given set of prices.
The definition of income is the quantity of money obtained by way of someone, group, or corporation in the course of a certain time period. An example of earnings is a $70,000 a 12 months income. For most people, profits manner their overall profits in the shape of wages and salaries, the return on their investments, pension distributions, and different receipts.
Various mixtures of profits assets may be used to derive this type. as instance, at the maximum precise degree, the profits sources are blended into five components: wages and salaries, self-employment income (farm and non-farm), government switch payments, investment earnings, and other profits.
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To maintain a strong Economy the federal government seeks to accomplish three policy goals stable prices , full employment and economy growth in addition to these three policy goals the federal government has other objectives to maintain sound economy policy
Operant conditioning is a type of associative learning process through which the strength of a behavior is modified by reinforcement or punishment. It is also a procedure that is used to bring about such learning.
Answer:
a. 62.5
b. 60%
c. $160,000; $352,000
Explanation:
a. Price Index = (Price in year of interest/ Price in Base year) * 100
= (10/16) * 100
= 62.5
b. Rose from 62.5 in 1984 to 100 in 2005
= (100 - 62.5)/62.5
= 60%
c. Using 2005 as the Base year means that the Real GDP will be based on 2005 prices.
Real GDP 1984
= 10,000 buckets * 16
= $160,000
Real GDP 2005
= 22,000 * 16
= $352,000
