Answer:
Option (a) is correct.
Explanation:
Here, shoes are normal goods as there is a positive relationship between the income level of the consumer and the quantity demanded for shoes. It can be seen that as the income of the consumer increases from $19,000 to $21,000 then as a result the quantity of pairs of shoes demanded increases from 9 to 11 pairs. Normal goods are generally have positive income elasticity of demand.
Therefore, the shoes are normal goods in this case.
Answer:
Option D is the correct answer to this question.
Explanation:
Laura sat in on only one of Amanda's presentations before giving her the promotion.
They were made by hand before slides were mounted on computers. Designing a PowerPoint presentation took several hours and though it was costly. Presentations were illustrated back then people with devices such as journal flip charts and computer monitors, but these have been used in schools and conference rooms worldwide.
Other options are incorrect because they are not related to the given scenario.
giving health care and paying salary
Answer:
Correct option is (d)
Explanation:
Welfare economics deals with the study of distribution of resources affect the overall welfare of the society and economy as a whole.
It is a part of economics that studies the role of government in aligning policies for the welfare of the society and ensuring that every section of the society is equally developed.
The concept was developed as inequality in distribution of wealth and resources was observed across different sections of the economy. Poor was becoming poorer and rich, becoming richer. This hampered overall growth of the economy, thereby giving birth to welfare economics.
For each of the following goods that are imported in the United States, abundant input is the only source of comparative advantages that accounts for that country's comparative advantage. Therefore, the option A holds true.
<h3>What is the significance of a comparative advantage?</h3>
A comparative advantage can be referred to or considered as a situation in which a producer has an economic advantage over the other in a number of economic activities. At least two economies need to be a part of the society for the occurrence of a comparative advantage.
Abundant inputs is one of the key sources of comparative advantage. It is considered as a source that can account for another country's comparative advantage, when it lets the United States import its goods.
Therefore, the significance regarding comparative advantage has been aforementioned.
Learn more about comparative advantage here:
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