Suppose Nova Scotia Produces Only Cheese and Fish

question 163

Multiple Choice

Suppose Nova Scotia produces only cheese and fish. Last year, 20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each. If in the base year the price of cheese was $10 per unit and the price of fish was $75 per unit, what can we conclude?

• A) Nominal GDP is $500, real GDP is $800, and the GDP deflator is 62.5
• B) Nominal GDP is $500, real GDP is $800, and the GDP deflator is 160
• C) Nominal GDP is $800, real GDP is $500, and the GDP deflator is 160
• D) Nominal GDP is $800, real GDP is $500, and the GDP deflator is 62.5

Identify different forms of agency and the conditions under which each is established.

Grasp the legal responsibilities and rights of both agents and principals within an agency relationship.

Distinguish between employees and independent contractors in the context of agency law.

Understand the significance of an agent’s authority and the effects of actions within and beyond this scope.

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Definitions:

Sales Presentation

A promotional speech or demonstration aimed at convincing a potential buyer to purchase a product or service.

Open-ended Questions

Queries that cannot be answered with a simple "yes" or "no," encouraging expansive and informative responses.

Conviction Stage

In sales, this is the point at which a prospective buyer becomes convinced of the product or service's value and moves closer to making a purchase.

Nonverbal Signal

A form of communication without words, such as body language, gestures, and facial expressions, conveying messages.