Answer:
The correct answer is d. Different economic models employ different sets of assumptions.
Explanation:
To approach the study of economic reality it is necessary, in some way, to simplify it; keep certain variables under control. Precisely for this, it is that economic models are built.
Economic models are built on principles of departure, called "assumptions." Such assumptions fulfill the same role as the postulates in geometry. That is:
- They are not subject to deduction from other more basic principles.
- They are "reasonably" true but not necessarily verifiable.
- They function as premises in the logical structure to deduce the conclusions and correlations found in the lowest levels of generality.
We can say then, that the theoretical explanations refer to invisible "relationships", whose existence is proposed by the theory, and whose implications are logically deduced, and then corroborated by observations. They consist of:
- Assumptions (eg subjects want to maximize their earnings).
- Relevant variables (eg price and quantity).
- Binding hypothesis (eg quantity demanded based on price).
- Conclusions or predictions of observable facts (eg prices will rise).
<u>Answer</u> is D. remain at $30,000.
<u>Explanation:</u>
Rick's Internet Corporation balance in retained earnings = $30,000
Appropriated earning for future business expansion = $15,000
This appropriated earning set for future use will have no effect on the total retained earnings, because for appropriate retained earnings, the entry is to debit the retained earnings account.
Also, it would be board's decision if they want to use the money from the retained earnings or add more capital to it.
Answer:
a. $12,332.2 billion
b. $3218.9 billion
c. $3093.5 billion
d. $18120.5 billion
Explanation:
a. The value of Consumption Expenditure = Sum of consumption expenditure on all goods and services
= $1,367.1 billion + $2,666 billion + $8,299.1 billion
= $12,332.2 billion
b. The value of Government Expenditure = Sum of expenditure by federal Government and State & Local government
= $1224.0 billion + $1994.9 billion
= $3218.9 billion
c. Gross Investment = Sum of investment and inventories
=Non-residential fixed investment + Residential fixed investment + Change in private inventories
= $2336.2 billion + $645.4 billion + $111.9 billion
= $3093.5 billion
d. Nominal GDP = C + I + G + (X-M)
= $12332.2 billion + $3093.5 billion + $3218.9 billion + ($2264.9 billion - $2789 billion)
= $18120.5 billion
A product line is a group of related products produced by one manufacturer they use product lines to gauge trend a find out which markets to target they use whatever is being sold the most and go from there
Answer:
Explanation:
The journal entry is shown below:
(a) Factory Labor/Expenses A/c Dr $103,800
To Factory wages payable $91,000
To Employer payroll taxes payable $7,700
To Fringe benefits payable $5,100
(Being labor expenses are recorded)
(b) Direct labor A/c Dr $87192 ($103,800 × 84%)
Indirect labor A/c Dr $16,608 ($103,800 × 16%)
To Factory Labor $103,800
(Being factor labor is assigned)