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1 year ago

Which of the four factors of production is most important?

1 answer:

8 0

The four factors of production are land, labor, capital and entrepreneurship. These factors influence economic growth, innovation and consumer habits.

Combining different material and immaterial inputs to create something for consumption is the process known as production. It is the process of producing an output, a good, or a service that has value and enhances people's utility.

Directly resulting from the productive use of the initial inputs is the production process and output. Land, labor, and capital are regarded as the three primary production factors, or primary producers of goods or services. In the output process, neither the primary inputs nor the output product are significantly changed.

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Which of these rights is not considered a right of privacy?

Nina [5.8K]

A. right to engage in polygamy.

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3 years ago

Suppose that widgets are produced by a monopolistically competitive industry. If each firm in this market has the same cost stru

natulia [17]

Answer:

The equilibrium number of firms is 20.

Explanation:

Q = SH × b

= 2,400 × (1/20)

= 2,400 × 0.05

= 120

Also given, Q = S / n

120 = 2,400 / n

n = 20

3 0

3 years ago

Choose the letter of the item that best completes the statement or answers the question. Last year Jackson earned $500,000, Vele

Vitek1552 [10]

1. According to their states’ tax laws, which require each one to pay a tax of $500 despite their different earnings, the best description of the tax is (c) regressive.

<h3>What is a regressive tax system?</h3>

A regressive tax system is one where taxpayers pay a disproportionate share of the tax burden, given their earning levels.

A regressive tax system is not proportional or progressive.

2. An example of an excise tax is (b) tax on perfume.

3. The amount Rose Chin paid for the purchase of school supplies based on the state sales tax of 5% is a) $12.60 ($12 x 1.05).

4. An example of a property tax is a) a tax based on the value of one's home.

5. The best example of the ability-to-pay principle is b) income tax.

6. An example of a tax based on the benefits-received principle is (a) bridge toll.

7. In the United States, taxes are used to accomplish all of the following except (c) determine which brands consumers buy.

8. For the apartment tenants, the tax is d) a sales tax.

9. The ultimate tax-burden bearer in question 8 is (d) the tenants.

10. An example of a protective tariff is (d) tax on the importation of foreign-made cars.

Thus, while income tax is mostly progressive in the United States, sales taxes are proportional, while some taxes are regressive because the amount paid is fixed and does not depend on the ability-to-pay principle.

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5 0

2 years ago

The questions of economics address which of the following? Chec

katen-ka-za [31]

Answer:

What

How

Who

Explanation:

Because ALL economic resources are scarce, every society must answer three questions:

1. What goods and services should be produced?

2. How should these goods and services be produced?

3. Who consumes these goods and services?

5 0

3 years ago

Compute conversion costs given the following data: direct materials, $361,300; direct labor, $195,300; factory overhead, $216,70

Radda [10]

Answer:

a. $412,000

Explanation:

Conversion cost is the combination of direct labor and manufacturing overhead which directly or indirectly are necessary to produce a product other than the direct raw materials.

We know,

Conversion costs = Direct Labor + Manufacturing Overhead

Here,

Manufacturing overhead = Indirect material + Indirect Labor + Indirect overhead (including variable and fixed overhead)

Given,

Direct labor = $195,300

Manufacturing overhead = Factory overhead = $216,700

Selling expenses will not be included because it is not a direct or indirect overhead expense.

Therefore,

Conversion costs = $195,300 + $216,700

Conversion costs = $412,000

8 0

3 years ago