The U.S. dollar is fiat money, as are the euro and many other major world currencies. This approach differs from money whose value is underpinned by some physical good such as gold or silver, called commodity money. The United States, for example, used a gold standard for most of the late 19th and early 20th century
Answer:
b) $124
Explanation:
FIFO means first in, first out. Under this principle, goods that were purchased or produced earlier will be the first ones on sale.
The value of the goods sold in our case will be as follows.
The first ten items @ $10: 10X10 =$100
Two items to make [email protected] $12: 2x12=$24
Total cost: $100+$24= $124
Answer:
C. decreased by $40 billion
Explanation:
For computing the lending ability, first we have to determine the money multiplier which is shown below:
We know that
Money multiplier = 1 ÷ reserve ratio
= 1 ÷ 20%
= 5
So, the total cash would be
= $10 billion × $5
= $50 million
Now the lending ability would be
=$50 billion × (1 - 20%)
= $50 billion × 0.80
= $40 billion
Answer: $40,000
Explanation:
Kline brings in equipment that is worth $60,000 but has a basis of $45,000.
The equipment however is subject to a loan of $10,000.
This loan will have to be deducted from the basis. The partnership however is assuming the loan and Kline is only 50% liable in the partnership so Kline's basis will only be affected by half of the loan.
Basis = 45,000 - 5,000
= $40,000
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