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Suppose an economy has historically grown at a rate of 1.25%. economic activity decreased every quarter over the past year, but the decline stopped this quarter. the economy is expected to grow at a rate of 1.4% in the near future, but monetary authorities are concerned that inflation may increase. this economy is probably in the _____ stage of the business cycle.
Answer:
(A) acceptability
Explanation:
Medium of exchange, store of value and unit of account are all functions of money. Acceptability is only a characteristic of money.
Answer: Option (B) is correct.
Explanation:
Correct Option: Shows what portion of total money income is accounted for by different proportions of the nation's households.
Lorenz curve is a graphical representation of income inequality and wealth inequality in an economy. In a graphical representation, there is a straight line and if Lorenz curve is same as the straight line then there is an income equality. The gap between straight line and curved line shows us the income inequality among the households. The larger the gap between these two curves the greater will be the income inequality in an economy.
Answer:
$165,000
Explanation:
The computation of the amount of over- or underapplied overhead is shown below:
The Predetermined overhead rate is
= Predetermined overhead ÷ direct labor cost
= ($300,000 ÷ $200,000)
= 150% of direct labour cost
Now
overhead applied is
= (150% × $280,000)
= $420,000
And,
Actual overhead=$255,000
So,
overhead overapplied is
= $420,000 - $255,000
= $165,000
