Trade-off
A trade-off is a situational decision in which one quality, quantity, or feature of a set or design is reduced or lost in exchange for gains in other areas. A tradeoff occurs when one thing increases while another must decline.
What is consumer's real wage?
Real earnings are salaries that have been factoring in inflation, or wages in perspective of the amount of services and goods that may be purchased.
Main Content
$606
Given the answers to the question, the complete or implicit income of the consumer would be determined as follows:
When the customer works, she earns an hourly wage of $17.00, therefore when she works for 24 hours, she will earn:
=$17
24
=$408
Also, when the customer sells all the 17 units of the composite good, she will earn:
=$1118
=$198
Therefore, the customer's full income would be:
=$408+$198
=$606
To learn more about Trade-off
brainly.com/question/7072776
#SPJ4
These countries can gain from trade because norway has an absolute advantage producing fish oil.
<u>If the exchange rate between the U.S. dollar and </u><u>Japanese </u><u>yen changes from</u><u> $1 = 100 yen</u><u> to </u><u>$1 = 90 yen,</u><u> then: Japanese tourists to the U.S. will benefit.</u>
What happens in the foreign exchange market when a surplus of dollars exists?
- The supply and demand of each currency must be equal in order for the foreign exchange market to be in equilibrium, as it is in every market.
- Until equilibrium is reached, the exchange rate will change according to whether there is a surplus or shortage on the market.
What connection exists between the supply of foreign currency and the exchange rate?
- This decreases demand for exports and reduces the amount of foreign currency available, much like how domestic goods become more expensive for foreign consumers when the foreign exchange rate declines.
- As a result, there is a direct connection between the supply of foreign currency and the foreign exchange rate.
Learn more about foreign exchange
brainly.com/question/13717814
#SPJ4
Answer:
see below
Explanation:
1. Division of labor develops an individual’s creativity... <u>False, </u>division of labor involves repeating the same tasks, which created monotony and kills creativity.
2.Specialization can be applied go all productive activity... <u>True, </u>Specialization involves concentrating on a specific skill, activity, or production process,
3. Specialization produces sameness of products... <u>True, </u>same employees using the same processes in production will most likely have the same outcome.
4. Cost per unit is reduced with specialization... <u>True, s</u>pecialization increase efficiency leader in lowering cost per unit.
The correct answer is Overconfidence bias
Explanation:
Overconfidence bias is the result of an excessive and unrealistic estimation of one's skills, knowledge, ideas, etc even to the point the individual considers himself better than others or does not have an objective perception about himself. This type of bias can lead to negative consequences, for example, by overestimating his ability to pass a test a student might choose not to study at all and then fail the test. Moreover, this can be avoided by assessing realistically one's skills, judgments, etc. According to this, the type of bias that can be avoided is overconfidence bias.
