Answer:
A. your friend most likely should not be quite so excited because the extremely high cost of living in New York City means his real salary increase will be less than he imagined.
Explanation:
Here are the options to this question :
A. your friend most likely should not be quite so excited because the extremely high cost of living in New York City means his real salary increase will be less than he imagined.
B. your friend has no reason to be excited because higher pay implies more job responsibilities and more working hours.
C. your friend has every reason to be excited because he will be getting paid 120% of what he used to be paid.
D. your friend has reason to be excited because in a bigger city he will have more things to do and his higher salary will allow him to spend on those activities.
Cost of living in a big town is higher than living in a small town. Even though the nominal income of my friend has increased, the real income might not have increased due to the high cost of living in a big city.
Nominal income is the money income being earned. My friend's nominal income would increase from $50,000 to $60,000 if he takes the new job.
Real income is the purchasing power of income
Goods and services were exchanged through a BARTER SYSTEM. Barter is a system in which goods and services are exchanged for other goods and services without using any medium of exchange such as money. Reciprocal exchange is often immediate and not delayed.
Answer:
It is True. the option (a) is correct
Explanation:
Solution
Given that:
The statue of fraud can be refereed to as the requirements for specific kind of contract that should be in writing and signed by the parties involved with sufficient evidence. the main idea is to stop fraud and other types of injury.
The vital aspect of statute of frauds include the following:
- It applies to particular types of contract and they are six classification It include contracts for an interest for the sale of land, contracts that need to be performed in more than a year, contracts about someone else's debt presumed by other, contract in which marriage is a deliberation, contracts for good sold value more than $500 and promises by executors or administrators.
- The motive of the contract is that it formalize the concurrence between the parties so that it can be thought seriously.
- The statute of frauds avert fraudulent conduct of one party to another.
Multiple choice options
Perfect complements
Cobb Douglas
Perfect substitute
Concave IC
Quasi linear
Answer:
Perfect complements
Cobb Douglas
Explanation:
Perfect complements and Cobb Douglas will always result in interior optimum for utility maximization
When we talk of perfect competition, the consumer would always consume both goods and would do so in fixed proportions.
For cobb Douglas, the consumer spends a fixed part of income on the good. The part of income that is spent is dependent on the exponential power of goods it was spent on.
For perfect substitute and concave IC, any of one good is consumed
For quasi linear, first one good is consumed till some unit. After this unit is done with, if anything is left on income, the remaining income will be spent on other good. So at income level, there is corner solution and whereafter there will be interior solution.
