Answer:
C) It is a vertical line at $600 billion of GDP
Explanation:
Aggregate supply is the total value of goods and services that companies established in a country are willing to produce and sell for each price level over a given period of time. It is therefore the sum of the supply curves of each firm.
Potential GDP, in turn, is the value of all final goods and services produced by an economy over a given period of time when all factors of production (capital and labor) are being tapped. It is the maximum production point of an economy. In this example, the potential GDP is 600 billion.
In the long run, an increase in the general price level does not affect aggregate production. Thus the aggregate supply curve of an economy represents the sum of all supply in a situation in which all factors of production are employed. This makes the vertical aggregate supply curve at 600 billion.
Answer:
March 1: Entry for the equipment purchase
Cash -$2,000
Fixtures and equipment $5,000
Notes payable $3,000
March 31: Depreciation adjusting entry
Debit Credit
Fixtures and equipment -$42
(5000/10/12)
Retained earnings -$42
March 31: Interest adjusting entry
Debit Credit
Interest payable $16.25
(3000*6.5%/12)
Retained earnings -$16.25
Explanation:
I guess and got it right.
hope this helps
Responsibility accounting is a system of which the persons in the supervisory capacity such as the President, Departmental head, foremen ect. are given a routine report showing the performance of the company, department, or section as the case may be.
The report will show the data relating to the operational results of the
area and the items of which he is responsible for controlling.
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