Answer:
D. Economics does not use theories.
Explanation:
Economics is the study of : limited resource allocation, having alternative uses - to satisfy unlimited wants.
Economics is both a science (empirical science) & art (social science).
Economics has generally accepted rules & laws, based on experimentation - like Empirical Science. Eg: Law of Demand stating inverse relationship between price & quantity demanded.
Economics has subjective application essence to solve economic issues - like Social Science / art. Eg: Contractionary monetary policy (reducing money supply) to solve inflation (high price level)
Answer:
The journal entries are as follows:
(a) On July 16,
Account receivable A/c Dr. $1,200
To sales revenue $1,200
(To record Sales)
Cost of goods sold A/c Dr. $720
To Inventory $720
(To record cost of goods sold)
(b) On July 19,
Sales return and allowance a/c Dr. $200
To Account receivable $200
(To record sales return)
Inventory A/c Dr. $120
To Cost of goods sold $120
(To record cost of goods return)
(c) On July 22,
Cash (1,000 × 98%) A/c Dr. $980
Sales discount A/c Dr. $20
To Account receivable $1,000
(To record amount received)
Answer:
c. convergent thinking
Explanation:
Convergent thinking is the ability to think quickly about one or two good solutions to a problem, without needing to spend your time and thinking about it. This is especially important when it comes to decision-making processes. This is very different from a different idea, where you come up with a lot of possibilities
Answer:
3,700 unfavorable.
Explanation:
std quantity 5100 units
actual quantity 5150 units
std cost $74.00
difference -50.00 units at $74
efficiency variance $(3,700.00)
The diference between standard and actual units is negative, the variance is unfavorable.
Answer:
The more inelastic will be the demand for wheat.
Explanation:
Between 1950 and 2017, the price of wheat fell dramatically from $19.23 per bushel to $3.85 per bushel.
The supply of wheat increased substantially due to increases in productivity, shifting the wheat supply curve to the right.
Inelastic demand means that a proportionate change in the price of wheat will cause the quantity demanded to change less than proportionate.
With this shift in the supply curve as the price of wheat is falling the quantity of wheat is increasing. The larger the decline in the price of wheat the more inelastic will be its demand.