Answer: B) If the equilibrium quantity of cheeseburgers increases, then the demand shift in the market for cheeseburgers must have been larger than the supply shift.
Explanation:
1. An increase in the price of cheeseburgers is due to the fact that several burger joints in the area have recently gone out of business. This will shift the supply curve for cheeseburgers to the left, driving up the price of cheeseburgers and reducing the quantity.
2. An increase in the price of Calzones at local pizza parlors lead to an increase in the demand for Cheese burgers as cheese burgers and calzones are substitutes to each other. So, when price of calzones rise, consumers shift demand to cheeseburgers. This will lead to a rightward shift in the demand for cheese burgers as a result the price and quantity of cheese burgers increase.
3. A decrease in supply due to burger joints going out of business shift the supply curve to the left. Increase in the price of calzones increase demand for burgers shifts the demand curve to the right. Both these will increase the price of cheeseburgers but the effect on quantity cannot be determine as depends on the magnitude of the shift in the two curves.
If demand shifts more than supply, equilibrium quantity increases. If supply shifts more than demand, equilibrium quantity decreases.
Thus, B is correct.
Answer:
a. 8.33 percent
Explanation:
The computation of the economy's growth rate between the two years is presented below:
= (GDP at the end of year 2 - GDP at the end of year 1) ÷ (GDP at the end of year 1) × 100
= ($1,300 billion - $1,200 billion) ÷ ($1,200 billion) × 100
= ($100 billion) ÷ ($1,200 billion) × 100
= 8.33%
The economic growth rate is always expressed in percentage form
The answer from the given options is "culture shock".
Culture shock refers to an experience an individual may have when one moves to a social domain which is not quite the same as one's own; it is likewise the individual confusion a man may feel while encountering a better approach for life because of migration or a visit to another nation, a move between social situations, or basically change to another sort of life. One of the most well-known reasons for culture shock includes people in a foreign environment or situation. Culture shock can be depicted as comprising of at least one of four particular stages: vacation, arrangement, modification, and adjustment.
Your answer would be Adam smith.
