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What action did the US government take to make Northern goods competitive in price to goods from Britain?
Lowered wages
Why would the price of goods increase each time it exchanged hands from Asia to the Middle East to Europe?
The price of the goods would rise to cover the cost of the additional transport and, additionally, make the act of transporting the goods profitable.
What are Three problems that make the consumer price index an imperfect measures of the cost of living?
The Consumer Price Index (CPI) can be an imperfect measure of the cost of living due to substitution bias, where consumers may change their purchasing habits in response to price changes, leading to an overestimation of inflation. Additionally, the CPI may not fully account for quality changes in goods and services; improvements can enhance value without a corresponding price increase. Finally, the index often relies on a fixed basket of goods, which may not reflect the evolving consumption patterns of diverse populations.
How would mass production effect the price of goods?
It would make the value of the item decrease.
What is the importance of price in the production of goods?
The price in the production of goods determines if the country will import or export the good. If the country's price is above the world price, it will import the good because it will be cheaper for them to buy it than to make it. If the country's price is below the world price, it will export the good because it can produce the good at a lower price than the rest of the world.
Effects of substitute goods?
If goods are perfect substitutes, a consumer will have no preference as to which one he or she will prefer and will make their decision on price alone. It is likely however that perfect substitutes would also all be sold for the same price.
What happens to the price and the quantity of goods and services sold when a store runs a sale?
When a store runs a sale the price of goods is lowered. The quantity of goods and services sold might be higher than average. A store might make more money this way because a larger volume of goods is sold.
What happens to the price and the quantity of goods and service sold when a store runs a sale?
When a store runs a sale the price of goods is lowered. The quantity of goods and services sold might be higher than average. A store might make more money this way because a larger volume of goods is sold.
What does economist use to measure the price change in the economy?
Economists primarily use price indices to measure price changes in the economy. The Consumer Price Index (CPI) and the Producer Price Index (PPI) are two key indices that track changes in the prices of a basket of goods and services over time. These indices help assess inflation and deflation trends, providing insights into the purchasing power of consumers and overall economic health. By analyzing these indices, economists can make informed decisions regarding monetary policy and economic strategies.
What is case insensitive?
ThAT mEAns iT DoeSn't maKe a BIT oF diFfeReNCE if tHe LeTTers arE CApitaLiZeD oR NoT.
How does customers affect pricing decisions?
Price is not often the decision! Customers rarely make decisions based only the price but on the precieved value. If the goods or service is poor or inaproppriate the apparent reason stated maybe price but there is often no value attached to the goods by the customer.
How do you know if your ex is just insensitive or trying to make you jealous?
Insensitive if (s)he doesn't speak to you at all. Trying to make you jealous if (s)he tells you they still have feelings for you, yet they hook up or flirt with somebody else in your face.
