Macroeconomics is important because it allows the public to understand the economy as a whole, fiscal policy and global economic policy.
Electricity consumed in the manufacturing process is inventoriable cost per unit using variable costing.
Variable costing is that concept which is used in managerial and cost accounting. In this type of costing the fixed manufacturing overhead is excluded from the product-cost of production.
The method contrasts with absorption costing, in which the fixed manufacturing overheads are allocated to products which are produced. In accounting frameworks such as GAAP and IFRS, variable costing cannot be used in financial reporting.
Although accounting frameworks such as GAAP and IFRS prohibits the use of variable costing in financial reporting, this costing method is commonly used by managers.
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Answer:
a. budget constraint intersects the vertical axis at 25 beers.
Explanation:
A budget constraint shows all the combinations that a consumer might purchase of two given products or services. The total consumption can be represented by a consumption possibilities frontier curve:
- originally you could purchase 50 beers or 5 hot wings
- then as the price of beer increases to $2, you can only buy 25 beers or 5 hot wings
'There are two common measures of economic growth: increases in real GDP over some period of time and increases in real GDP per capita over some time period.
This statement is True.
Gross domestic product is a monetary measure of the market value of all final goods and services produced and sold by a country in a given period of time. Due to its complex and subjective nature, this indicator is often revised before being considered a reliable one.
GDP = private consumption + private gross investment + government investment + government expenditure + (exports – imports). GDP is usually calculated by a country's national statistical agency according to international standards.
GDP measures the monetary value of the final goods and services produced in a country (that is, purchased by final consumers) over a specified period of time (such as a quarter or a year). Counts all electricity generated within a country's borders.
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