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yaroslaw [1]
2 years ago
15

In 2016, David Hay started his own business, Hays Gardening and Landscapes. David was previously an employer of another business

/
a) What was the opportunity costs for David when he started his business?

A. Cost of marketing to attract customers.

B. Loss of earnings from employment

C. Payment of taxes on profits

D. Risk of business failure

ANSWER:

b) Explain why this answer is correct?
Business
1 answer:
Vitek1552 [10]2 years ago
5 0

Answer: B. Loss of earnings from employment

Explanation:

The opportunity cost of choosing a course of action is the returns that you would have earned from choosing the next best action.

David was employed and yet decided to quit that job and start a business. The next best thing he could have been doing was working which means that the opportunity cost was the returns from working which was his salary.

In deciding to open up his own businesses, he had to forego the opportunity costs which meant that he lost the earnings from that his employment.

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3 years ago
Gdp is $8 trillion. if consumption is $5 trillion, investment is $1 trillion, and government purchases are $2 trillion, then:___
Sedaia [141]

Exports are equal to imports when Gdp is $8 trillion. if consumption is $5 trillion, investment is $1 trillion, and government purchases are $2 trillion

Given -

Gross Domestic Product = $8 trillion

Consumption Spending = $5 trillion

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The GDP is calculated as follows -

Gross Domestic Product = Consumption + Investment + Government Purchases + Net Exports

Since other components are given, net exports can be calculated.

Net Exports = Gross Domestic Product - Consumption - Investment - Government Purchases

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Therefore, Exports are equal to Imports

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4 0
2 years ago
Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market
antoniya [11.8K]

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d. Market clearing price will fall, and equilibrium quantity will fall.

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Inferior goods are those goods which do not behave normally to market.

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Accordingly with decrease in demand , the prices will fall.

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Since demand and price both tend to fall, the equilibrium quantity will fall for the same, as the demand will be low, the equilibrium quantity will fall to meet the demand level.

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4 0
3 years ago
Physical capital differs from raw materials in the sense that raw materials A. have a longer useful life in production B. are co
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Answer:

D. are used up in production

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