Answer: A - nominal wages are slow to adjust to changing economic conditions
Explanation:
In the short run, the costs of many of the factors used in the production process are fixed. For example labours wage is fixed for a number of years because of labour contracts. Also the raw materials used in the production process have long term agreements that fix their prices.
As a result of factors of production been fixed in the short run, when general price level rises and the cost of production remains constant, profit also rises.
Firms take advantage of this rise in price and increase production and the quantity of aggregate supply increases. This is why the short run aggregate supply curve is upward sloping.
Answer:
The answer is below
Explanation:
A What is the probability that all 4 selected workers will be the day shift?
B What is the probability that all 4 selected workers will be the same shift?
C What is the probability that at least two different shifts will be represented among the selected workers.
A)
The total number of workers = 10 + 8 + 6 = 24
The probability that all 4 selected workers will be the day shift is given as:
B) The probability that all 4 selected workers will be the same shift () = probability that all 4 selected workers will be the day shift + probability that all 4 selected workers will be the swing shift + probability that all 4 selected workers will be the graveyard shift.
Hence:
C) The probability that at least two different shifts will be represented among the selected workers ()= 1 - the probability that all 4 selected workers will be the same shift()
Answer:
some goods aren't internationally traded
Explanation:
Purchasing power parity is most popularly known as the PPP. It may be defined as the measure of the prices of the various countries which makes use of the price of some specific goods in order to compare the absolute purchasing capability or power for the countries' currencies.
It is used to measure and compare prices at different locations.
The purchasing power does not hold good in the short to the medium run as different countries produces different goods and as such all the goods are not internally traded all over the locations or countries.
Answer:
True
Explanation:
Financial services are the activities rendered by any financial institution such as the banks to their customers. Most of the services are done at a fee that makes the main source of revenue for banks. The revenue is spent to pay the overall expenses of the bank. If the expenses are lower than the revenue, a bank makes profit. If expenses exceed revenue, a bank makes loss which is not mostly the case. Therefore, it is true to say that banks work to earn a profit by selling financial services.
Answer:
$258,000
Explanation:
Data given in the question
Salary paid on annual basis to onsite supervisor = $94,000
Salary paid on annual basis to one salaried estimator = $52,000
Two administrative assistant salaries $56,000 and $40,000
Salary of the president = $162,000
So, by considering the above information, the common fixed expense is
= Administrative salaries for one + administrative salaries for another + president salary
= $56,000 + $40,000 + $162,000
= $258,000