Contemporary governments promote development by establishing a currency that's tradable in world markets.
Assume that in the year 2010, the US Nominal GDP was $15 trillion, while the GDP deflator was 200. US Real GDP for 2010 is 7.5%.
<h3>Real GDP</h3>
Using this formula
GDP=Nominal GDP/GDP deflator×100
Where:
Nominal GDP=$15 trillion
GDP deflator=200
Let plug in the formula
GDP=$15 trillion/200×100
GDP=7.5%
Therefore US Real GDP for 2010 is 7.5%.
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If a person is highly risk averse, the higher marginal utility associated with a negative outcome outweighs the lower marginal utility from a positive outcome.
<h3>What is marginal utility?</h3>
The extra satisfaction which a consumer receives from possessing one more unit of an item or service is known as marginal utility.
The concept of marginal utility is helps in describing how customers make decisions to get the most out of their limited budgets. In general, until the marginal utility exceeds the marginal cost, consumers will keep buying more of a good.
There are three types of Marginal utility:
- Positive Marginal Utility: When having more of something provides you more happiness, you have positive marginal utility. Assume you regularly eat a piece of cake, however a second piece would bring you even more joy. Then the marginal utility from cake consumption is positive.
- Zero Marginal Utility: It occurs when using more of an item provides no additional measure of satisfaction. For instance, you might feel reasonably full after 2 pieces of cake but not significantly better after a third slice. Your marginal utility on eating cake is 0 in this situation.
- Negative Marginal Utility: It occurs when you have an abundance of an item, and ingesting more is really hazardous. After eating three slices of cake, the fourth piece of cake may potentially make you sick.
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Answer: The correct answer is " in order A, B, C and D".
Explanation: The sequence of letters that represents the correct order of the four steps in the user needs analysis process is:
- Understand the organization's goals.
- Identify sources of information.
- Investigate alternatives to the current system.
- Make a build-versus-buy decision.
‘You statements’ <span>are the typical way we communicate
</span>‘I’ statements make the speaker take responsibility for his emotions<span>, acknowledging and understanding them better. </span>
