The discovery of natural gas in the American Midwest should lead to an <u>increase</u> in the price of land because of an <u>increase in </u><u>demand</u> for the land.
The law of demand and supply explains how demand and supply are related to each other and how that relationship affects the price of goods and services. As the law explains that when demand for a product increases, and when supply is limited, so in this situation prices tend to rise.
Here, by the discovery of natural gas in the American Midwest, the prices of the land increased, this happened because of an increase in demand for the land. So when demand increased the price also increased.
Hence, the relationship between demand and supply is it important.
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Answer: D. Both countries
Explanation:
The options include:
A. neither country
B. the country with lower production costs
C. the country with higher production costs
D. both countries
Comparative advantage occurs when a particular country produces a certain goods based on the fact that it has a lower opportunity cost of its production when compared to the other country. This typically occurs in international trade.
Comparative advantage is beneficial to both countries that are involved as the countries purchase the goods that it doesn't have a comparative advantage in from the other country.
Answer:
A. $36.28
B. $8.48
Explanation:
a. Calculation for the amount of OASDI taxes to withhold from Crow's pay
OASDI taxes is 6.2%
Hence,
OASDI taxes to withhold = 585.15*0.62
OASDI taxes to withhold = $36.28
Therefore the OASDI taxes to withhold from Crow's pay is $36.28
b. Calculation for the amount of HI taxes to withhold from Crow's pay
HI taxes is 1.45%
Hence,
HI taxes to withhold =585.15*0.0145
HI taxes to withhold=$8.48
Therefore HI taxes to withhold from Crow's pay is $8.48
Milton and phelps argued with the concept of phillips curve because it cannot work in the long run to become aware of aggregate demand and supply.
Government could not trade higher priced goods for lower employment. The phillips curve could accurately guide policy and procedure makers in short run or for a short period of time. This cause a relative negative relation between rate of employment and wage labor curve.
It is argued by the two economists when the nominal rates and wages were adjusted finally. It also states inverse relationship between the various curves operating respect in the economy. It is a upward rising curve.
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Can you imagine yourself doing this for the rest of your life? Is this what I’m truly passionate about? Will I be able to life off this income?
