Answer:
False
Explanation:
False because the income, expenses accounts are closed to profit and loss account or income summary.
they are closed by transferring the credit balances in revenue a/c and debit balnace in expenses a/c to clearing account income summary.
The assets and liabilities , common stock, equity account are not closed.
Answer:
movement along the demand curve: i
shift in the demand curve: ii, iii, iv, vi
no effect: v
Explanation:
A change in the price of the product causes quantity demanded to change. It will be indicated by a movement on the same demand curve.
A change in other factors will cause the demand for the product to change. It is indicated by a shift in the demand curve.
i. Change in the market price: movement along the demand curve
ii. Change in income: shift in the demand curve
iii. Change in consumer expectations: shift in the demand curve
iv. Change in the price of a related good: shift in the demand curve
v. Change in the price of an unrelated good: no effect
vi. Change in preferences for this good: a shift in the demand curve
Answer:
increases
higher
more
lower
lower
Explanation:
If the money supply is increased. individuals would have more money and consumption would increase. Increase in consumption would lead to a rise in demand.
when demand exceeds supply, prices rise,
When there is a rise in price, it encourages producers to increase production in order to increase their profit margin.
In order to expand production, more factors of production would be needed. So, more labour would be hired. thus, unemployment would fall.
it can be seen that higher inflation lowers unemployment
Stagflation is a condition in which both the unemployment rate and the inflation rate are high. Stagflation is characterised by slower economic development, low employment rates, and increased inflation rates. Stagflation is the occurrence of low economic growth, high unemployment.
In terms of economics, stagflation, sometimes known as recession-inflation, is a state in which unemployment is consistently high, the economy is growing slowly, and the inflation rate is high or rising. When inflation and economic stagnation coexist, this is known as stagflation. The economy is in a state of stagnation due to rising unemployment.
The term "stagflation" was first used in the 1970s, a period of both high inflation and rising unemployment. Stagflation wasn't commonly acknowledged until the middle of the 20th century.
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