Adam Smith (5 June 1723 - 17 July 1790) is Scottish philisopher. He is best known in : The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations.
Your evaluation is Egocentric - limited to your own egoic perspective and without consideration of the experiences and understanding of others (which may be very different)
Answer:
C). Prepare their thoughts in advance.
Explanation:
A speaker aims to serve a specific purpose through his/her speech(to inform, to entertain, to convince, to motivate, etc.). In order to serve this purpose effectively by the end of the speech, it is very crucial to 'prepare the thoughts that the speaker wishes to convey in advance' as <u>it helps him/her in organizing the thoughts in a logical order to ensure its efficacy</u>. It <u>also assists in analyzing whether the thoughts get along with each other and also keeps room for creativity</u> which can enhance its impact and make the purpose more successful. Thus, be it one or one hundred people, it is important for a speech to be prepared in advance and hence, <u>option C</u> is the correct answer.
Answer: 1 unit of X and 2 units of Y
Explanation: Total utility is the complete satisfaction you get from maximising usage of a quantity of a good or service. However another element also needs to be considered, and that is marginal utility. Marginal utility is the satisfaction you get from consuming an additional quantity of a good or service.
Both these factors are important as they determine how much of each product the consumer should buy. To maximise total utility, the consumer must use the full $10 income. But the question still stands as to which combination of products should the consumer purchase.
To make it fair the consumer should start by purchasing one of X and one of Y, and keep taking one of each (starting with X) to keep it fair. However after taking one of X, worth $2, and one of Y, worth $4, there is only $4 left. That means that if the consumer then takes one of X there will be $2 left, disallowing the consumer to afford X, and thus making the purchases unfair. Therefore in terms of meeting the marginal utlility, it is better to then swop to purchasing Y with the remaining $4, and maximising the consumer's total utility.
1.50*300=$450
0.5*350=$175
(175/450)*100=39%
Real GDP in 2012 is 39%
