Answer:
Self Interest & Invisible Hand of Laissez Faire Policy
Explanation:
Adam Smith Laissez Faire Policy - suggests that free markets are the best approach for welfare maximisation of a society, based on self interest guiding best decisions by individuals, and individual wealth & welfare maximisation implies society wealth & welfare maximisation.
The Invisible Hand of free markets corrects all the discrepancies (if any), re-guides self interest forming the basis of over all social interest. Government intervention is unnecessary & distortionary as per the theory
Economists call GDP that uses constant, unchanging prices as
<u>Real GDP</u>
Explanation:
- Real gross domestic product (real GDP for short) is a macroeconomic measure of the value of economic output adjusted for price changes . This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output.
- It is calculated using the prices of a selected base year. To calculate Real GDP, you must determine how much GDP has been changed by inflation since the base year, and divide out the inflation each year.
- Real GDP accounts for the fact that if prices change but output doesn't, nominal GDP would change.
- The real economic growth, or real GDP growth rate, measures economic growth as it relates to the gross domestic product (GDP) from one period to another, adjusted for inflation, and expressed in real terms as opposed to nominal terms
Answer:
Letter C is correct.<u> Social Justice Theory.</u>
Explanation:
The most suitable alternative for this issue is letter c, Theory of Social Justice.
This theory refers to an ethical and political philosophy that states that there is justice beyond those recognized by the economic law of supply and demand, civil and criminal law, and the social and moral rules and structures of society. According to this theory, social justice refers to relationships that must be fair to all groups in society, that is, all people must have equal access to health, well-being, justice, opportunities, etc., regardless of their conditions. political, economic or other.
Social justice theory can punish or favor individuals regardless of their characteristics, choices or actions.
In the above question, we can say that social justice is adequate, because in economic terms, it is able to grant opportunities, redistribution of wealth and income to groups considered oppressed by certain oppressors.
Answer: <em>Their</em><em> </em><em>assignment</em><em> </em><em>and</em><em> </em><em>important</em><em> </em><em>instructions</em>
Answer:
Flexible budget variance= $10,000 unfavorable
Explanation:
Giving the following information:
Standard Variable overhead= $8.00 per unit
During the period, the company produced and sold 25,000 units, incurring $210,000 of variable overhead costs.
<u>First, we need to calculate the standard variable overhead cost:</u>
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8*25,000
Allocated MOH= $200,000
<u>Now, the flexible budget variance:</u>
Flexible budget variance= allocated overhead - actual overhead
Flexible budget variance= 200,000 - 210,000
Flexible budget variance= $10,000 unfavorable
