Answer:
B) Inflation is everywhere and always a monetary phenomenon.
Explanation:
Henry Thornton developed this theory in 1802. According to the Quantity Theory, In an economy, there is a direct relationship between the quantity of money in the economy and the prices of goods and services. The price levels are directly related to the amount of money in circulation, which is the cause of inflation. Hence the consumer has to pay more for the same amount of commodity.
The statement that must be true about the demand for a product if it is inelastic is that, a price increase does not have a significant impact on buying habits. The correct answer would be option B. When the demand is inelastic, this situation means that the demand for a product does not decrease nor increase in corresponds to the rise or fall of its price.
Basic Checking account vs interest-bearing checking account.
The main difference of these two accounts is the interest.
Basic checking account does not earn interest. Regardless of how long the money stays in the bank, whatever amount it is, it is still the same amount.
Interest-bearing checking account as the name implies earns interest. Sometimes, it must maintain a certain amount for it to earn interest.
Both accounts may have atm access or online/mobile access aside from its check book. Both accounts may also be subject to penalties if its balances fall below the required minimum maintaining account.
To calculate the effective interest rate you'll need the following formula.
(1+ APR / n ) ^n -1 *100.
IT looks alot harder than it is.
APR has to be expressed as a decimal, so 0.1642.
n is the period. as it is daily, n=365.
1+(0.1642/365) to the power of 365. will give you 1.1784....
Minus 1, and times by 100 to get it as a percentage = 17.84%
The difference between the lowest price (that
a firm would have been keen to accept) and the price it actually receives from
the sale of a product is called producer surplus.
<span>Producer Surplus is an economic
measurement. Total economic welfare is equal to the addition of consumer
surplus and producer surplus.</span>