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Anton [14]
3 years ago
13

Assume that you live in a simple economy in which only three goods are produced and​ traded: cashews,​ pecans, and almonds. supp

ose that on january​ 1, 2015, cashews sold for ​$12.50 per​ pound, pecans were ​$5.00 per​ pound, and almonds were ​$5.00 per pound. at the end of the​ year, you discover that the cashew crop was lower than expected and that cashew prices had increased to ​$13.00 per​ pound, but pecan prices stayed at ​$5.00 and almond prices had actually fallen to ​$4.75.
Business
1 answer:
svetlana [45]3 years ago
6 0

Answer: The overall price level increased.

Explanation: The rise in the overall price level is termed as inflation. From the information we can see that the average price of the three goods in 2015 was $7.50. A year later, the average price changed to $7.58.

Therefore, the overall price level rose as the average price level increased from $7.50 to $7.58.

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A perfectly elastic demand curve implies that the firm: A) must lower price to sell more output. B) can sell as much output as i
dsp73

Answer:

A perfectly elastic demand curve means that the firm can sell as much output as it chooses at the current price.

Explanation:

The perfectly elastic demand implies that the demand curve is horizontal line parallel to the X axis. The price is fixed at a point and the firm can sell any amount of output at this point. The demand is infinite at the given price level. If the firm makes any changes in this price level, the demand will become zero.

4 0
3 years ago
Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entr
Tatiana [17]

Answer:

1. Prepaid insurance (Dr.) $6,300

  Cash (Cr.) $6,300

2. Cash (Dr.) $15,300

   Unearned Income (Cr.) $15,300

3. Purchases (Dr.) $1,750

   Accounts payable (Cr.) $1,750

   Cost of Goods Sold (Dr.) $1,620

   Ending Inventory (Dr.) $130

   Purchases (Cr.) $1,750

4. Prepaid office rent (Dr.) $6,300

   Cash (Cr.) $6,300

Explanation:

The adjusting entry is a journal entry recorded at end of accounting period to adjust events or transactions to comply with the accrual concept.

The closing entries are journal entries required to close a transaction or event in the period. The purpose is to follow matching concept of accounting.

7 0
3 years ago
As the burden of taxes grows, the role of the auditor becomes increasingly important to the organization. True or false
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Answer:

False

Explanation:

In the case when the tax burden increased so the role of the auditor is to audit the financial statements of the company and based on this they given the opinion that could be either favorable or unfavorable also they look into the operational effectiveness and efficiency but the role of the auditor is not increasingly important as for the tax purpose the tax accountant should be considered such as Chartered accountant, etc

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3 years ago
Which government action is used to limit the amount of scarce goods citizens can buy during wartime?
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The government’s action that they use in limiting the amount of scarce of goods for citizens to buy during the wartime is rationing. Rationing is an action or process of having a person to have a limited or fixed amount in which in goods—they can only have or brought a limited amount of goods.

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3 years ago
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Answer:

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Answer:jannwow0eouehehevhehehehehoepwowowExplanation:

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