The following table shows a person's nominal and real wages for three years, as well as the price level (price index) for each year, using the first year as the base year. Fill in the blanks in the table, and then calculate the annual inflation rate for each year (not including the base year).
Instructions: Round your answers to 2 decimal places.
Answers
Answer:
Year Nominal wage Real wage Price level Inflation rate
1 $7 $5 140 Nil
2 $9 $6 150 7.14 %
3 $12 $7.5 160 6.67 %
Explanation:
Note: The table for the question is attached as picture
Price level in Year 1 = (Nominal wage in year 1/Real wage in year 1) * 100
Price level in Year 1 = ($7.00 / $5.00) * 100
Price level in Year 1 = 1.4 * 100
Price level in Year 1 = 140
Real wage in Year 2 = (Nominal wage in year 2 / Price level in year 2) * 100.
Real wage in Year 2 = ($9.00 / 150.00) * 100
Real wage in Year 2 = $6
Nominal wage in Year 3 = (Real wage in Year 3 * Price level in Year 3) / 100.
Nominal wage in Year 3 = ($7.50 * 160) / 100
Nominal wage in Year 3 = $1,200 / 100
Nominal wage in Year 3 = $12
Inflation rate in Year 2 = (Price level in Year 2 - Price level in Year 1) / Price level in Year 1.
Inflation rate in Year 2 = (150 - 140) / 140
Inflation rate in Year 2 = 10 / 140
Inflation rate in Year 2 = 0.0714
Inflation rate in Year 2 = 7.14 %
Inflation rate in Year 3 = (Price level in Year 3 - Price level in Year 2) / Price level in Year 2.
Inflation rate in Year 3 = (160 - 150) / 150
Inflation rate in Year 3 = 10 / 150
Inflation rate in Year 3 = 0.0667
Inflation rate in Year 3 = 6.67%.
Price level in year 1 , Real wages in year 2 , Inflation rate in year 2 and Nominal wages in year 3 are 180, 8, 11.11% and 18 respectively.
Inflation based problem:Missing information is given in the picture below.
Computation:
Price level in year 1 = [NW / RW]100
Price level in year 1 = [9 / 5]100
Price level in year 1 = 180
Real wages in year 2 = NW[100 / Price level in year 2]
Real wages in year 2 = 16[100 / 200]
Real wages in year 2 = 8
Inflation rate in year 2 = [tex]\frac{Price\ level \ in \ year 2 - Price\ level \ in \ year 1}{Price\ level \ in \ year 1} \times 100[/tex]
Inflation rate in year 2 = [tex]\frac{200-180}{180} \times100[/tex]
Inflation rate in year 2 = 11.11%
Nominal wages in year 3 = [tex]\frac{Real \ wages \times price \ level \ in \ year 3}{100}[/tex]
Nominal wages in year 3 = [tex]\frac{7.50 \times240}{100}[/tex]
Nominal wages in year 3 = 18
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Related Questions
when receiving inventory, you should do which of the following?
Answers
Answer:
what are the answers
Explanation:
Please help me don’t write if you don’t know how to solve it
Answers
Answer:
see below
Explanation:
1. Business Revenue
Revenue is the income generated from normal business operations. In this case, normal business operations are selling T-shirts.
The shop sold 25 t-shirts at 70 Dhs each.
Revenue is quantity sold multiplied by sales price
i.e., Revenue = quantity sold x selling price per unit
=70 x 25 Dhs
=1,750 Dhs
2. Business total cost
Costs are the expenses incurred in producing goods intended for sale.
The cost of producing one t-shirt is 15 Dhs.
The cost of producing 70 t-shirts will be.
Total cost = total quantity produced x unit cost
= 70 x 15 Dhs
=1,050 Dhs
3. Business profit
Profit is the income earned from business operation after deducting the cost from the revenues.
I.e., profits = revenue - cost
For this shop
profits = 1,750 Dhs - 1,050 Dhs
Profits = 700 Dhs
How would you explain the large increase in 2019 dividends? The large increase in free cash flow from 2018 to 2019 explains the large increase in 2019 dividends. The large increase in net income from 2018 to 2019 explains the large increase in 2019 dividends. The large increase in EBIT from 2018 to 2019 explains the large increase in 2019 dividends. The large increase in sales from 2018 to 2019 explains the large increase in 2019 dividends. The large increase in retained earnings from 2018 to 2019 explains the large increase in 2019 dividends.
Answers
Answer: The large increase in free cash flow from 2018 to 2019 explains the large increase in 2019 dividends
Explanation:
Dividends are the rewards that are given to the shareholders of a company which can be in form of cash, stock etc.
The dividend for the company in 2018 was lower while the 2019 dividend was much higher. The reason for the large increase in the 2019 dividend is due to the increase in the free cash flow from 2018 to 2019.
It should be noted that free cash flow simply means the cash that remains when the company has paid for its expenditures. In this case, since the amount left is large, it also invariably resulted in a larger dividend in 2019.
Answer:
adnjankasaaadadaa
Explanation:
If a country is taking action to increase its overall productivity and make sure
its businesses are successful, it is pursuing which economic goal?
A. Per capita improvement
B. Economic growth
C. Full employment
ОО
D. Stable prices
SUBT
Answers
Answer: It is B
Sorry its a bit late though
Economic growth is the rise or improvement in the market value of the commodities and services generated by an economy within a given fiscal year, adjusted for inflation. Hence option B is correct .
What is Economic growth ?Traditionally, statisticians have calculated growth as a percentage rate of real gross domestic product, or real GDP. In order to remove the inflationary distortion on the prices of produced items, growth is typically calculated in real terms, or terms adjusted for inflation.
Economic growth is measured using national income accounting. Economic growth has both the benefits and disadvantages of GDP growth because it is calculated as the yearly percent change.
The ratio of GDP to population is a typical metric used to compare the economic growth rates of different nations (per-capita income).
'Rate of Economic growth is the term used to describe the yearly geometric growth in GDP from the first to the last year over a period of time.
Without taking into account any variations in the GDP around this trend, this growth rate indicates the trend in the average level of GDP across the time period.
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Raul works in Human Resources and is interviewing four people for the position of Budget Analyst. Which candidate
has the best education for this particular career?
Candidate A bachelor's degree in Finance and master's degree in
Mathematics
Candidate B
bachelor's degree in Mathematics and associate's degree in
Marketing
Candidate C
associate's degree in Computer Programming and HS diploma
Candidate D
bachelor's degree in Economics and master's degree in
Management
?
O Candidate A
O Candidate B
O Candidate C
O Candidate D
Answers
Answer:
A
Explanation:
Answer:
it is a
Explanation:
just took the test
A middle school took all of its 6th grade students on a field trip to see a ballet at a theater that has 2500 seats. The students filled 2275 of the seats in the theater. What percentage of the seats in the theater were filled by the 6th graders on the trip?
Answers
Answer:
91 % of the seats in the theater were filled by the 6th graders on the trip.
Explanation:
Total number of seats = 2500
Number of seats occupied = 2275
Percentage of seats filled = 2275/2500 * 100
= 91%
91 % of the seats in the theater were filled by the 6th graders on the trip.
The percentage is taken out by dividing the number of seats occupied with the total number of seats available and multiplying it with 100.
which of the following factors are likely to strengthen a diverse family?
1. Family using their gadgets during breakfast
2. Family playing in the park
3. Mother busy on her laptop ignoring her daughter
4. Farther explaining family traditions to son
Answers
Answer:
Explanation:
For all Plato users
In the fives C’s, how is cost different from price?
At includes the company's operating costs
Bit makes it easier to promote the product
It reduces the company's operating expenses
Dit includes all of the costs related to the product
Answers
Answer:
it includes all of the costs related to the product
Explanation:
in fives C, cost represent the total value of economic sacrifice that a business have to made in order to create the product. It includes things like the cost of materials, the amount of salary that need to be made to pay the employees who made it, the amount of money needed to operate machines to make it, etc.
Price on the other hand, is the amount of payment / compensation that the business expect from customers in exchange of obtaining the product. As a general rule to generate a profit, the Total price need to exceed the amount of cost of that product.
Suppose you are an analyst in the oil refinery industry and are responsible for estimating the equilibrium price and quantity of home heating oil. To do so, you must consider factors that can affect the supply of and demand for heating oil. Determinants of the demand for heating oil include household income, the price of an oil furnace (a complementary good for heating oil), and the price of natural gas (a substitute good for heating oil). Determinants of the supply of heating oil include the cost of crude oil and the cost of refining crude oil into home heating oil.
Answers
Please find attached full question
Answer and Explanation:
Equilibrium price refers to the price in the market at which quantity demanded equal to quantity supplied. The price is indicated by the price level where the demand and supply curve intersect. We see that the price in our graph is $40 where demand and supply intersect
Equilibrium quantity is the quantity in the market where the quantity demanded is equal to quantity supplied. This is indicated by the quantity that meets the intersection in the graph. Our equilibrium quantity is therefore 80000 barrels
If an 80,000 seat stadium is 90% full, how many tickets were sold?
Answers
When there is a stadium that has a seating capacity of eighty thousand people, if it is full with almost ninety percent. Then the number of seats that are more available are seventy two thousand.
What is a stadium?
A stadium is a location or venue for outdoor sports, concerts, or other events. It consists of a field or stage that is either totally or partially encircled by a tiered structure that enables spectators to stand or sit and watch the event.
The stadium is a very big, mostly roofless structure that hosts sporting events, concerts, and other events and has a sizable open area surrounded by several rows of seats.
Stadium, a building with a big seating capacity for spectators as well as a wide space for sporting events and other shows.
80,000 × 90÷ 100 = 72,000
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Why should you look for information about the company’s mission and values? A. You don’t need to do that at all unless you are interested. B. The interviewer will ask about this in the interview. C. Most interviews require it, and you will be asked to sign an agreement. D. You should check to see if they align with yours and as a basis for a possible question. Please select the best answer from the choices provided A B C D
Answers
D. You should check to see if they align with yours and as a basis for a possible question
Answer:
d
Explanation:
Which economic tool would most likely be used as part of an expansionary
monetary policy?
O A. Selling treasury securities
B. Raising the reserve requirement
C. Reducing the discount rate
D. Increasing interest on reserves
Answers
Answer:
C. Reducing the discount rate
Explanation:
Expansionary monetary policies are macroeconomic undertakings by the Federal Reserve that aim at stimulating economic growth in the economy. Expansionary policies result in an increased flow of money in the country, which increases the aggregate demand.
The discount rate is the rate at which the Federal Reserve (the Fed ) charges commercial banks for advancing them credit. Reducing the discount rate makes loans from the Fed more affordable. Commercial banks will opt to borrow from the Fed at lower rates and lend out to households and firms at a higher interest rate, thereby making profits. Reducing the discount rate increases the money available for banks to lend out. Households and businesses will borrow this money for development and investments, which ignites economic growth.
Answer:
reducing the discount rate
Explanation:
ap3x
1. Which of the following is an essential element of responsible behavior:
Group of answer choices
a Compassion
b Hopefulness
c Decisiveness
d Positivity
2 Why can fairness be a tricky concept?
Group of answer choices
a It doesn’t always mean getting your own way.
b Most people don’t want to be fair.
c Nothing is ever truly fair.
d It means something different in every culture.
3 Part of accountability is
Group of answer choices
a being fair.
b treating others kindly even if they are different from you.
c making judgments based on fact rather than opinion.
d doing what you say you will do.
4 Displaying personal responsibility requires someone to have strong
Group of answer choices
a ethics.
b friendships.
c writing skills.
d professional experience.
5 For places such as work or school to function smoothly, everyone must
Group of answer choices
a talk about their feelings.
b have a sense of social responsibility.
c pay their taxes on time.
d agree on the same solutions.
6 Acting responsibly includes
Group of answer choices
a making sure your classmates succeed.
b joining an athletic team.
c applying for leadership positions.
d following the rules.
7 Telling the truth can sometimes be difficult because
Group of answer choices
a the truth usually causes trouble.
b lying is easier than facing the consequences.
c people like lies more than the truth.
d the truth doesn’t help you get ahead in life.
8 When you make a mistake, the responsible thing to do is
Group of answer choices
a determine where to lay the blame.
b admit it.
c quit the project.
d try to fix it before anyone finds out.
Finishing tasks with care means that
Group of answer choices
a the tasks are completed on time.
b your project will succeed.
c your teacher or boss is happy.
d the tasks have been triple checked.
Acting appropriately means
Group of answer choices
a never hurting anyone’s feelings.
b treating others with respect even when they’re being annoying.
c making sure everyone is happy with you.
d putting up with however anyone wants to treat you.
Answers
Answer:
1. C
2. D
3. D
4. A
5. B
6. D
7. B
8. B
9. A
10. B
1. The essential element of responsible behavior is Compassion. Responsible behavior involves showing empathy and understanding towards others, considering their needs and feelings. Option A is the correct answer.
Compassion is an essential element of responsible behavior because it fosters a sense of connection and consideration for others, leading to a more harmonious and supportive environment.
2. Fairness can be a tricky concept because It doesn't always mean getting your own way. Fairness requires considering the perspectives and needs of others, which may not align with one's own desires or preferences. Option A is the correct answer.
Fairness may involve reconciling conflicting interests and finding compromises. When there are competing needs or desires, it can be difficult to find a solution that satisfies everyone.
3. Part of accountability is doing what you say you will do. Being accountable means taking responsibility for one's actions and following through on commitments and promises. Option D is the correct answer.
When everyone in a team or community follows through on their commitments, it creates a positive and productive environment. It fosters a culture of accountability and reliability
4. Displaying personal responsibility requires someone to have Ethics. Personal responsibility involves making ethical decisions and taking ownership of one's actions and choices. Option A is the correct answer.
Displaying personal responsibility through ethical behavior enhances our trustworthiness and credibility. When we consistently act in accordance with ethical principles, others perceive us as reliable, honest, and dependable.
5. For places such as work or school to function smoothly, everyone must have a sense of social responsibility. Social responsibility means recognizing the impact of one's actions on others and acting in a way that promotes the well-being of the community or organization. Option B is the correct answer.
A sense of social responsibility is essential for the smooth functioning of places like work or school. It promotes collaboration, teamwork, respect, empathy, accountability, reliability, and the overall well-being of the community
6. Acting responsibly includes following the rules. Responsible behavior involves adhering to established rules, guidelines, and expectations to ensure the safety and well-being of oneself and others. Option D is the correct answer.
By following rules, we set a positive example for others to follow. Our responsible behavior can inspire others to act responsibly as well, creating a ripple effect that promotes a culture of accountability and respect.
7. Telling the truth can sometimes be difficult because Lying is easier than facing the consequences. It can be challenging to tell the truth when it may lead to negative outcomes or repercussions. Option B is the correct answer.
Honesty is the foundation of trust in relationships, whether they are personal or professional. By telling the truth, we demonstrate integrity and reliability, which fosters trust with others.
8. When you make a mistake, the responsible thing to do is Admit it. Taking responsibility for one's mistakes involves acknowledging and accepting the error, and being willing to learn from it and make amends. Option B is the correct answer.
Admitting mistakes builds trust and credibility with others. When we are honest about our shortcomings, it shows that we are sincere and reliable.
9. Finishing tasks with care means that the tasks have been Triple checked. Finishing tasks with care involves thoroughness and attention to detail to ensure that the work is completed accurately and to the best of one's ability. Option C is the correct answer.
Triple-checking tasks is an important step in maintaining a high standard of quality. By reviewing the work multiple times, we can identify areas that may need improvement or refinement. This helps to ensure that the final product or outcome is of the highest possible quality.
10. Acting appropriately means Treating others with respect even when they're being annoying. Acting appropriately involves considering the feelings and rights of others, even in challenging situations, and treating them with respect and courtesy. Option B is the correct answer.
Treating others with respect, even when they're being annoying, can help in resolving conflicts more effectively. It allows for open and constructive communication, where both parties feel heard and valued.
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2. Suppose that there are five different lemonade stands in the same neighborhood. Explain
how the lemonade stands meet most of the conditions of perfect competition
Answers
Answer:
Eventually prices will equalize at all five lemonade stands.
Explanation:
Perfect competition is accomplished when, in an appropriate business, all firms have identical price arrangements and there is an adequately substantial amount of these same firms so that the production arrangement of any one firm has no obvious influence on the cost at which it commodity is marketed.
The lemonade made are similar in taste, thus they are identical products. Thus, if a lemonade seller increases the price of their good, buyers can patronise another lemonade seller. As a result, the price of lemonades would be the same among the five sellers.
Also, there is little or no barriers to entry for lemonade sellers.
A perfect competition is a market were there are numerous buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
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I own a candy store in my country. I am free to choose the products I sell and I am able to complete against other stories using innovative ideas. After a white selection of candies are various prices what type of economic system does my country most likely utilize
Answers
Answer:
The country most likely utilizes a free market economy.
Explanation:
A free market economy is characterized by the price system: in this system, prices signal economic activity in order to coordinate the forces of supply and demand in order to reach a market equilibrium.
In a free market economy, competition is stiff because firms can freely enter and exit the markets, and this also influences the price of goods and services.
Firms try to out-compete other firms by improving production processes, innovating, and lowering costs.
ECON Good morning can someone answer this ASAP
Answers
Answer:
D
Explanation:
Answer:
According to the Law of Demand: When the price of a product increases, the demand for the same product will fall.
So, the answer is 'A. the product's price increses
Which of the following is the basis of all slides in a presentation?
O Placeholders
O Slide Masters
O Theme
O Variant
Answers
Explanation:
The Placeholders is the basis of all slides in a presentation.
The Placeholder is a feature on the presentation interface which is a pre-formatted content for text, graphics, video, clip arts etc
The Placeholder allows the user to format their slides easily and consistently.
Therefore, the Option A is correct because the Placeholders is the basis of all slides in a presentation.
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please please help. i need 2,3, and 4 . it is due tomorrow
Answers
Answer:
2. Filing for bankruptcy is when the court decides whether to discharge your debts and those who owe are no longer legally required to pay them. It is on a credit report because it shows what you can pay for and what you can't.
3.Pay Your Bills on Time, Pay off Debt and Keep Balances Low on Credit Cards, and apply for and Open New Credit Accounts as Needed.
4.TransUnion, Equifax, and Experian.
Explanation:
According to the video, some workers who work for themselves, such as Actors, Musicians, or Writers, may have what
sort of worker represent them to potential customers?
O an Agent
O a Headhunter
an Employer
a Mentor
Answers
Answer:
an Agent
Explanation:
just answered it and got correct
Answer: Agent
Explanation: just got it right on edge
Frank is already taking advantage of his employer benefit package but wants to find
options to save for retirement that offer tax incentives. Which of the following should
Frank explore?
A. Contribution matching
B. Lower interest
C. Opt in or opt out
D. Roth IRA
Answers
Which of the following statements is a strong reason for giving credit to sources of data in a formal business doccument
Answers
Answer:
It shows you have done solid research to back up your conclusions.
Multiple choice options for this question are as follows: online source
A). It shows you have done solid research to back up your conclusions.
B). Readers of a business document do not pay attention to sources
C). Giving credit is easier than treating others' ideas as your own
D). It is a requirement of MLA and APA styles
Explanation:
Giving credit to your sources is a phrase that refers to Referencing or citing the source of your information. It is important to the reader or user of the document because they can always go back and verify the data's accuracy. Referencing also leaves a trail that can be used to see the views and opinions of other business people or researchers .
Giving credit to your sources in a formal business document shows you took the time to research the subject matter. It gives the impression that you can relate your ideas to the views of other professionals in the industry.
Answer:
A). It shows you have done solid research to back up your conclusions
Explanation:
_____ was withheld specifically for the tax that is used to pay for a healthcare program.
_____ was withheld for the payroll tax that specifically supports retired and disabled citizens.
_____ If this individual made more money, the amount withheld for Social Security would
Answers
Answer: First : 612.65$
second : 2567.45$
Third : Increase
Explanation: i did this by self its surity
Answer:
Answers
First Sentence: $612.65
Second Sentence: $2567.45
Third Sentence: Increase
Explanation:
Edgen 2020
Which sentence indicates that Rudolph is following a market skimming pricing policy?
Rudolph launched his brand of high-end audio speakers called Rudebox. He introduced his first line of products at $40,000. He plans to periodically bring down the price. Very soon he will launch the second edition of Rudebox, which would be of a lower price range, and designed for the masses.
Answers
Answer:
Very soon he will launch the second edition of Rudebox, which would be of a lower price range, and designed for the masses.
Explanation:
Market skimming pricing policy, or price skimming is the pricing strategy that is used by business owners to make the initial price of a product high and then reduce it subsequently so more people can be able to afford it.
The sentence that shows that Rudolph is following a market skimming price policy is his decision to reduce the price of his Rudebox in a second edition which is designed for the masses.
Answer:
He plans to periodically bring down the price
Explanation:
What is social responsibility?
Answers
Answer:
it is things you should do as a person
Explanation:
ex- vote
Answer:
Togetherness
Explanation:
The thought that people need to work together despite differences so they can benefit society as a whole.
What are the limitations of an MkIS?
Answers
Answer:
Limitations do exist with an MIS, such as the expense to create and implement an MIS, training time for employees, lack of flexibility and capturing wrong or incomplete information.
Explanation:
Why does a business often reach a point at which adding more resources does not increase productivity or profits at the same rate it used to? (diminishing returns, stages of production)
Answers
Answer:
diminishing returns,
Explanation:
The law of diminishing marginal returns claims that the returns from the input will first increase at an increasing rate until production reaches an optimal level. After the optimal level, and holding the other factors constant, the returns from the output will start diminishing and eventually turn negative.
Diminishing returns concepts apply in the short term, where only variable inputs can change. For example, in a factory setting, the optimal production capacity is fixed in the short-run. Additional usage of a variable such as labor increase returns until the factor reaches its optimal capital. Additional hiring of labor results in diminishing returns in labor output.
The law of diminishing marginal returns claims that the returns from the input will first increase at an increasing rate until production reaches an optimal level. After the optimal level, and holding the opposite factors constant, the returns from the output will start diminishing and eventually turn negative.
Diminishing returnsDiminishing returns concepts apply within the short term, where only variable inputs can change. for instance, in a very factory setting, the optimal production capacity is fixed within the short run. Additional usage of a variable like labor increase returns until the factor reaches its optimal capital. Additional hiring of labor leads to diminishing returns of parturient output.
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Graphical information can be useful in
a.
Math only
c.
Science only
b.
Social Studies only
d.
All subjects
Answers
Answer:
d all subjects
Explanation:
think its right sorry if its wrong
The answer fam is..........D) All subjects
A 1-column table with 5 rows. Column 1 is labeled Addition Words with entries add, increase by, more than, sum, total.
Write an algebraic expression to model the unknown number situation.
the sum of five and a number
Complete each statement to explain how to model this situation.
Replace “a number” with .n,+,5, or -
Replace “sum” with .n,+,5, or -
Replace “five” with .n,+,5,or -
The correct algebraic expression is .+5n,5+n,5-n, or n5+
WILL GIVE 50 POINTS PLEASE HELP ME
Answers
Answer:
Replace “a number” with n
Replace “sum” with +
Replace “five” with 5
The correct algebraic expression is 5 + n
Im pretty sure this is right but correct me if im wrong :)
Answer:
Replace “a number” with
✔ n
.
Replace “sum” with
✔ +
.
Replace “five” with
✔ 5
.
The correct algebraic expression is ✔ 5 + N
Explanation:
I Need Help ASAP!!!
1)Purchasing an insurance policy is an example of what approach to risk mitigation?
•Tolerate
•Transfer
•Terminate
•Treat
2)Working through your lunch break is a good way to get more done.
•True
•False
3)The Rhode Island System employed workers as young as age
•seven.
•nine.
•twelve.
•fourteen.
4) A lack of resources may lead a company to take which approach to risk mitigation?
•Tolerate
•Transfer
•Terminate
•Treat
5) What type of manufacturing employee is usually in charge of creating work schedules?
•Operator
•Operations manager
•Assembly line worker
•Quality manager
6)The Equal Opportunity Employment laws ensure that all workers
•get regular breaks.
•receive a raise once a year.
•are treated fairly.
•have union rights.
7) A punctual employee has a sense of
•integrity.
•self-discipline.
•pride.
•personal responsibility.
8) Emotions can impede active listening.
•True
•False
9) Data collected as a result of a process is referred to as
•information processing.
•material processing.
•feedback.
•output.
10) The term laissez-faire
comes from the French word meaning
•let do.
•make do.
•make happy.
•be happy.
Answers
Answer:
8.treat people fairly
Which of the following is most likely to be a primary data source:
a. A sales invoice
b. A customer record
c. An expense report
d. A customer survey
Answers
Answer:
d. A customer survey
Explanation:
Data collected by researchers for the first time for a specific study is primary data. A customer survey is a method of collecting primary data. A customer survey gathers information on the research topic directly from respondents.
Primary data like surveys are costly and consume time to collect, unlike secondary data. Other methods of collecting primary data include administering questionnaires, direct or indirect personal interviews, field observations, and experiments.