Answer:
See attached accounting entries.
Explanation:
For question 1, the likelihood of a payment occurring is probable, the is chance that Pacific Cruise Lines will pay liability as such estimated amount of $1.29 million should be set aside.
For question 2, the likelihood of a payment occurring is probable, the is chance that Pacific Cruise Lines will pay liability as such estimated maximum amount of $1.29 million should be set aside.
For question 3, the likelihood of a payment occurring is reasonably probable, the is chance that Pacific Cruise Lines will pay liability as such estimated amount of $1.29 million should be set aside.
For question 3, the likelihood of a payment occurring is remote, that is, there little relationship with this case that cause Pacific Cruise Lines being liable to pay as such potential amount of $1.29 million should be set aside.
The substitution effect is defined as the outcome of consuming various goods and services on those who do not use them.
<h3>What do you understand about the Substitution effect?</h3>
The substitution effect is the decline in product sales that results from customers switching to less expensive substitutes when the product price increases. Alternately, the term "substitution effect" describes the shift in demand for a commodity brought on by a change in the price of the well relative to other substitutes. For instance, when beef costs increase people tend to buy more chicken or turkey. Customers purchase store-brand coffee in response to an increase in the price of premium coffee at a coffee shop. Consumers choose generic substitutes as designer prescription drug prices rise.
To learn more about the Substitution effect, visit:
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Answer:
The correct answer is A. The Mars Climate Orbiter crashed on the surface of Mars because one program output thrust in terms of foot-pounds, and another program expected thrust to be expressed in terms of newtons.
Explanation:
The Mars Climate Orbiter was NASA’s unsuccessful mission to study the Martian climate, part of the Mars Surveyor 98 program. The MCO was created as a satellite-translator for the Mars Polar Lander lander, and after the latter ceased to function, it was supposed to study the Martian climate.
The Mars Climate Orbiter was destroyed when a navigation error caused the probe to be improperly elevated as it entered orbit. The vehicle was destroyed by the friction and stresses in Mars' atmosphere. An investigation showed that some data for the rocket system were calculated in English units (pound-force-second) while the navigation team expected SI units (Newton-second).
Answer:
The answer is: A) If taxes are lowered, government revenues actually increase.
Explanation:
For example, when consumers have to pay less money in taxes, it means they will have more money to spend. Private consumption is the most important component of the GDP. When money starts to flow, a virtuous circle of growth starts a chain of events that reinforces economic growth through a feedback loop. When the economic growth rate increases, government revenue will also increase. The virtuous circle of growth is the most important pillar of the Keynesian economic theory.
The same applies to businesses, when they pay less taxes, they can invest more in new businesses which in turn increase economic growth, which results in higher revenue for the government.
Of course this theory applies to certain small tax reductions, and under certain specific circumstances.
