Answer:
A binding price floor is set above the equilibrium price as a minimum price
A binding price ceiling is set below the equilibrium price as a maximum price
Equilibrium price is $1.50
a) The government prohibits donut shops from selling donuts for more than $1.10 each = Price ceiling and it is Binding
b) The government has instituted a legal minimum price of $1.80 each for donuts = Price Floor and it is Binding
c) Due to new regulations donut shops that would like to pay better wages in order to hire more workers are prohibited from doing so = Price ceiling and it is non-binding (as firms are wiling to offer higher wages than the minimum wage rate)
Explanation:
<u>Problem of classical economics pointed by John Maynard keynes:</u>
He was complaining about economists who believed that unemployment would be reduced or eliminated after the recession if the market is not somehow stimulated or steered in right direction. He agreed that this strategy can work in long run, however, in short run, it would pose some problems due to people’s nature of hoarding money and banking preferences.
The classical economists believed that in the midst of a great depression and recession, the government should not do much and the economy would recover on its own which may take decades for such to happen.
Answer:
Listen, empathize, ask what they want to do, provide your feedback, REPEAT
Explanation:
One must first listen to their friend without placing any blame or victim blaming for that matter. Just listen and empathize with what they are saying. Then, ask them what they would like to do and if you think something else might be better way, just suggest that but don't force it on them.
If you are a true friend, you want what's best for them, so you must support them both physically, mentally, and monetarily if needed. You must be by their side to support them moving forward.,
Which of the following individuals would Stern's formula for calculating IQ provide the best estimate of intelligence?
a. 7- year old Lisa
Answer:Exploitation of children in factory jobs
Explanation:Child Labour is one of the adverse effects of industrial revolution. Children are forced to works in the factory under dangerous conditions so as to support their parent. They do jobs like breaking coal in the coal mines, running errand work work in the factory and selling newspapers on the street. Children are mostly employed because they would receive a little amount unlike adults.
