Replacing a good with a similar good because of a change in prices is an example of the .

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Answer 1

Answer: Answer : substitution effect

In economics, substitution effect refers to the process of replacing a good with a similar good because of a change in the price. This is based on the assumption that as prices change or increase, consumers would decide to look for cheaper items or the low-cost alternatives thus resulting to the change of merchandise or the products. The substitution effect may give an advantage especially to retailers however, in the general picture it provides a disadvantage as it will limit the choices.

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The process by which an insurer decides whether to issue requested insurance is called: A) Underwriting B) Premium assessment C) Claim adjudication D) Policy endorsement

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Explanation:

The process by which an insurer decides whether to issue requested insurance is called:

A) Underwriting

Explain the different levels of organizational involvement in international trade

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The three different levels of organizational involvement are:
- export and import: in this level of organization, a company maybe contacting others in order to trade by importingd and exportings
- Start selling in Internationaly level: This level entails researching foreign markets, putting together an export plan, and finding salespeople overseas.
- Multinational level: In this case there are not only one country interested in selling and buying, but now the market is expanded to many countries where all the reseacrh and the salespeople are settled

Suppose Tammy grew up on a farm and is very good at plowing. In addition, suppose she is a popular country singer who earns $4,000 per performance. If her husband Bob can plow (but not as well as Tammy) but he can't carry a tune, then it would be most efficient if a. Tammy did both the plowing and the singing. b. Tammy specialized in singing and Bob in plowing. C. Tammy specialized in plowing and Bob in singing. d. Bob did both the plowing and singing. e. they both plowed and sang.

Answers

Answer:

B) Tammy specialized in singing and Bob in plowing.

Explanation:

Tammy has an absolute advantage at singing because she is simply absolutely better at singing than her husband. She also has a comparative advantage at plowing because she plows better than him, but he can still do some plowing. Therefore, Tammy should specialize in the task that she has an absolute advantage and generates a larger revenue, while her husband should specialize in plowing even though he is not very good at it. By specializing in plowing, Tammy's husband might end up doing it as good as her.

Which of the following is an advantage of rent control?

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Answer;
It give landlords an incentive to attract renters.

Explanation;
Rent control is a form of price control that limits the amount a property owner, for example a landlord, can charge for renting out a home, apartment or other real estate.
Rent control helps maintain diversity and stability in neighborhoods, which increase property values.

One of the advantage of rent control is : It give landlords an incentive to attract renters

Government's Rent control will regulate the amount charged for rented housing. A landlords could take advantage of this and may alter his housing price below the standard price to attract more customers

A commercial bank has $100 million in checkable-deposit liabilities and $12 million in actual reserves. The required reserve ratio is 10 percent. How big are the bank’s excess reserves? LO33.2a.$100 million.b.$88 million.c.$12 million.d.$2 million.

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Given:
Checkable deposit = $100 million
actual reserves = $12 million
required reserve ratio = 10%

100 million * 10% = 10 million
10 million - 12 million = 2 million excess reserves

D.) $2 million is the bank's excess reserves

Nuno owns a recording studio with high-quality equipment. He allows artists to schedule sessions based on their flexibility, and he also allows them to bring their own sound engineer and work with him or her to achieve the desired result. As a result, his customers frequent his studio and recommend it to their friends and colleagues. The opportunity of _____ is highlighted in the given scenario.

Answers

Answer:

As a result, his customers frequent his studio and recommend it to their friends and colleagues. The opportunity of providing personal customer service is highlighted in the given scenario.

Explanation:

To serve in a personalized way, it is essential to know your customers well. Nuno knew what the needs of customers attending a recording studio were. For this reason, Nuno equipped his study with the best material on the market, but gave his clients the freedom to schedule sessions based on their flexibility, and also allowed clients to take their own sound engineer and work with him for the best result. .

With this Nuno has established a personal customer service, and this has been the success of his recording studio.

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