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Answer:
The amounts to be recorded for the building and for Forman's Capital account are $80,000 and $60,000 respectively
Explanation:
According to the accounting principles, the fixed assets should be recorded at cost or market value whichever is lower
So, in the question, it is mentioned that the building has a market value of $80,000 so by $80,000 the building is recorded.
And, for the Forman's Capital account, the $60,000 should be recorded because we have to deduct the $20,000 building mortgage from the market value of the building so that the accurate value can be come.
A. Adam Smith, Father of Modern Economics," believed that competition is a regulatory force. He argues that keeps self-interest at bay by restraining the ability to take advantage of consumers.
B. Friedrich Von Hayek, often called F.A. Hayek, believed that less government intervention gives people more economic freedom. He wrote about it in his pamphlet, "Economic Freedom and Representative Government."
C. John Maynard Keyness, according to Keynesian economics, one of the tenets of this school of thought is that government intervention is necessary for stability.
D. Milton Friedman (not Friedrich), said that the government's role in the role should be restricted. The government should not control the money supply.
Answer:
Consumer surplus
Explanation:
The consumer surplus is a measure of the difference between the price a consumer is willing to pay for a unit of a product and the price they actually pay for that product unit.
If a consumer is willing to to pay a higher amount than the actual selling price of a product, it is deduced that the consumer surplus for that product, is higher than if the consumer were charged for the product at his highest willingness point to pay.
