Answer:
because sometimes they help us to get some medicine which can be used to cure a particular disease
Answer:
The long run is best defined as a time period
- during which all inputs can be varied.
One thing that distinguishes the short run and the long run is
- the existence of at least one fixed input.
Explanation:
On the long run, all productive inputs can be changed and/or altered. that includes fixed costs like equipment and machinery, building facilities, processes, wages, etc.
On the short run, at least one of the inputs used to produce our goods or services cannot be changed, e.g. wages tend to be sticky, fixed costs (depreciation of equipment and machinery, buildings, etc.)
Answer:
The options are wrong, if consumer spending is $375 when income is $500, it has to be higher if income increases (it cannot be lower).
Consumer spending at $510 = $383
Explanation:
the economy's multiplier = 1 / MPS (marginal propensity to save)
5 = 1 / MPS
MPS = 1 / 5 = 0.2
MPC (marginal propensity to consume) = 1 - MPS = 1 - 0.2 = 0.8
consumer spending at $510 = consumer spending at $500 + [$510 - $500) x 0.8] = $375 + ($10 x 0.8) = $375 + $8 = $383
MPC measures how much consumer spending increases if total disposable income increases.
Answer:
The correct answer is letter "D": unsupported generalization.
Explanation:
Unsupported generalization is a statement given after coming to a broad conclusion on facts that might not be related to the topic pointed out. Evidence could be presented in these arguments but it is considered inconsistent because those arguments could be helpful to support other conclusions rather than the provided.
Answer:
a. 12.5 years
b. 13.5 years
Explanation:
China's output grew at an amazing rate of 8 percent per year from 2010 to 2014. At that rate how long would it take for China's GDP to double?
<em>That will be derived by 100% / 8% = 12.5 years </em>
b. With its population increasing at 0.6 percent per year, how long will it take for per capita GDP to double? 13.3 years Hint: Per capita GDP growth is equal to GDP growth minus population growth.
<em>That will be derived by 100% / (8% - 0.6%) = 13.5 years</em>
