What are the difference between government and governance?

Social Studies

1 answer:

Serjik [45]3 years ago

4 0

Answer:

Government is a group of people who rule or run the administration of a country. ... Governance is the act of governing or ruling. It is the set of rules and laws framed by the government that are to be implemented through the representatives of the state. Simply put, governance is what governments do.

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1. Does an increase in price necessarily bring about higher total revenue? Explain. 2. Describe the different determinants of de

Marysya12 [62]

Question 1

The correct answer is: "FALSE".

The total revenue earned by a firm is computed using the formula:

R= price * quantity

According to the formula, if the term "price" increases, R would increase too. But an increase in price usually decreases the amount demanded by consumers of a certain product. Therefore, if quantity demanded drops in a higher proportion than the increase in price, the final total revenue would decrease. So the final effect depends on the size of the two variations.

Question 2

The determinants of demand are the following:

Price: inversely related to the quantity demanded, as the larger the price the smaller the amount demanded of a product.
Income of consumers: directly related. The larger the income earned by an economic agent, the larger the amount demanded of a normal good (there are exceptions, such as inferior goods, for which income and demand are inversely related).
Prices of related goods of services. If two goods are substitutes, the increase on the price of one, decreases the amount demanded of that product but increases the amount demanded of the other product. It two goods are complements, the increase in the price of one good decreases the amount demanded of it, and the amount demanded of the other product too.
Tastes or preferences of consumers. If a product is in line with the general preferences of consumers the amount demanded will be large.
Market expectations. For example, if a price is expected to rise, consumers might prefer to buy now and therefore demand increases at the moment.