Answer:
D. Absolute Advantage
Explanation:
Absolute advantage represents an economics principle referring to the capability of a firm or a country or even an individual to manufacture or produce a larger quantity of a product or offer a greater quantity of a service than its competitors especially with the same amount of resource which in in reference to international trade is labour.
The absolute advantage for Russia in the question is that it has the only deposits of Yuksporite and using the same amount of labour input other countries would have used, Russia has the absolute advantage as the only manufacturer of goods that would come out of Yuksporite.
Answer:
By influencing incentives, taxes can affect both supply and demand factors. Reducing marginal tax rates on wages and salaries, for example, can induce people to work more. Expanding the earned income tax credit can bring more low-skilled workers into the labor force.
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Answer:
1. Jake can easily determine that the price of the computer is more than the price of the vacation. ⇒ UNIT OF ACCOUNT
2. Jake has $1,574 in his checking account. ⇒ STORE OF VALUE
3. Jake writes a check for $1,299. ⇒ MEDIUM OF EXCHANGE
Explanation:
The four functions of money are:
- unit of account: since money is a common denominator, it helps to assign value to different goods and services.
- store of value: you can save money in order to purchase gods and services in the future.
- medium of exchange: you can purchase and sell goods and services using. money
- standard of deferred payment: money allows loans that require future payments of both principal and interest.
Answer: The correct answer is "relative perfomance".
Explanation: According to Brynjolfsson and McAfee (2014), in winer-take-all markets, the compensation (e.g., revenues) is mainly determined by <u>relative perfomance.</u>
A type of market in which the winner takes everything clearly implies that the best competitors are those who take a large proportion of rewards while the worst little or nothing. To say that it is determined by their relative performance, refers to the subjects receiving rewards based on their performance in relation to the other competitors.
Answer:
It will take 2.72 years and 32.64 months.
Explanation:
Future value is the sum of principal amount and compounded interest amount invested on a specific rate for a specific period of time.
Use following formula to calculate the time period.
FV = PV x ( 1+ r )^n
FV = Future value = $6,000
PV = Present Value = $4,000
r = rate of interest = 15% yearly = 15% / 12 = 1.25%
n = time period = ?
$6,000 = $4,000 x ( 1 + 1.25% )^n
$6,000 = $4,000 x ( 1.0125 )^n
$6,000 / $4,000 = ( 1.0125 )^n
1.5 = ( 1.0125 )^n
Log 1.5 = n log 1.0125
n = Log 1.5 / log 1.0125
n = 32.64 months
n = 2.72 years
