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Zepler [3.9K]
3 years ago
15

For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP

as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply. Transaction C I G X M Eleanor gets a new video camera made in the United States. Darnell's employer upgrades all of its computer systems using U.S.-made parts. The town of Swarthmore puts on a fireworks display for the Fourth of July. Darnell buys a bottle of Italian wine. Eleanor's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.
Business
1 answer:
vlada-n [284]3 years ago
4 0

Answer:

The purchase of the video game would increase consumption spending

The computer system upgrade would increase the investment spending by businesses

The firework would increase government spending

Darnel imported the wine. So, imports would increase  Also, consumption spending would increase

The purchase of the syrup would increase export. The syrup was bought by someone in Sweden

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.  

Items not included in the calculation off GDP includes:  

1. services not rendered to oneself

2. Activities not reported to the government  

3. illegal activities

4. sale or purchase of used products

5. sale or purchase of intermediate products

The purchase of the video game would increase consumption spending

The computer system upgrade would increase the investment spending by businesses

The firework constitutes spending by government. government spending would increase

Darnel imported the wine. So, imports would increase  Also, consumption spending would increase

The purchase of the syrup would increase export. The syrup was bought by someone in Sweden

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When positive externalities are present in a market a. private benefits will be greater than social benefits. b. social benefits
Oxana [17]

Answer:

b. social benefits will be greater than private benefits

Explanation:

Positive externalities can be defined as those that produce positive effects for society in relation to the consumption of a good or service.

This is because the social benefit is the sum of the private benefit plus the sum of the external benefit.

An example of positive externality pertinent to the present is the fact that vaccinating people generates greater positive effects on society, because when vaccinating an individual there is less chance of having more people infected with some disease.

So it is correct to say that the social benefits will be greater than the private ones. Letter b.

5 0
3 years ago
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize
Nutka1998 [239]

Question Completion:

Journalize the entries to record the summarized operations.

Answer:

Royal Technology Company

Journal Entries:

Debit Materials $496,110

Credit Accounts Payable $496,110

To record the purchase of materials on account.

Debit Work in Process $362,560

Debit Factory Overhead $54,170

Credit Materials $416,730

To record materials requisitioned for production and general factory use.

Debit Work in Process $413,900

Debit Factory Overhead $97,090

Credit Factory labor $510,990

To record factory labor used in production.

Debit Factory Overhead $119,070

Debit Selling Expenses $183,560

Debit Administrative Expenses $109,140

Credit Accounts Payable $411,770

To record costs incurred on account.

Debit Factory Overhead $22,820

Debit Selling Expenses $19,350

Debit Administrative Expense $13,890

Credit Prepaid Expenses $56,060

To record expired prepaid expenses.

Debit Factory Overhead $22,820

Debit Depreciation Expense - Office Equipment $33,740

Debit Depreciation Expense - Office Building $66,480

Credit Depreciation Expenses $123,040

To allocate depreciation expenses.

Debit Work in Process $282,780

Credit Factory Overhead $282,780

To record overhead costs applied to jobs.

Debit Finished Goods Inventory $654,870

Credit Work in Process $654,870

To transfer completed jobs to the finished goods inventory.

Debit Cost of Goods Sold $635,020

Credit Finished Goods Inventory $635,020

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Explanation:

Journal entries are made when a transaction is initially recorded.  They show the accounts to be debited and the ones to be credited.

4 0
3 years ago
Lemony Company made sales of $ 32 comma 200 million during 2018. Cost of goods sold for the year totaled $ 12 comma 880 million.
Aleksandr [31]

Answer:

Gross profit is 60%

Inventory turnover is 4.6 times

Explanation:

The formula to compute the gross profit percentage is shown below:

= (Gross profit ÷ sales) × 100

where,

Gross profit = Sales - the cost of good sold

                   = $32,200 million ÷ $12,880 million

                   = $19,320 million

And, the sales is $32,200 million

Now put these values to the above formula  

So, the percentage would equal to

= ($19,320 million) ÷ ($32,200 million) × 100

= 60%

The formula to compute the inventory turnover is shown below:

= (Cost of goods sold) ÷ average inventory

where,

Average inventory = (Beginning inventory + ending inventory) ÷ 2

                               = ($1,200 million + $1,600 million ) ÷ 2

                               = $900 million

And, the cost of good sold is $12,880 million

Now put these values to the above formula  

So, the turnover would equal to

= $12,880 million ÷ $2,800 million

= 4.6 times

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Suppose you currently earn $30,000 a year. you are considering a job that will increase your lifetime earnings by $300,000 but t
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