A final good or service is one sold to the end user and is not used to produce another product for subsequent sale.
<h3>What is a final good?</h3>
A final good is a good that can be consumed in the state that it is. It does not need to go any further production process in order to be used by consumers.
A final good is sold to its end user. Only final goods are included in the calculation of gross domestic goods. On the other hand, an intermediate good is a good that is still used in the production process to produce the final good.
An example of a final good is bread. An example of an intermediate good is the flour used to make the bread.
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Answer:
b. the budget is adjusted to the actual activity for the period.
Explanation:
A flexible budget performance report is a comparison between actual costs and revenues, and the budgeted income and expenses at the end of a period, based on actual performance. The report shows the difference between the actual results and the estimated numbers. Management uses the report to determine if the company's results were in line with management expectations.
The performance report is prepared at the end of a financial period. It helps the management analyse any major variances between the actual performance at the estimated numbers at the beginning of a period. The report helps the management identify the companies strong areas, and the sections that need improvements.
Answer:
It is a vertical line at Real GDP = 6 billion
Points (6,0) and (6,8)
Explanation:
Long-run aggregate supply curve looks like a vertical line, while short-run aggregate supply curve is an upward-sloping line. The question says the full employment is at $6 billion, so that is where your long-run aggregate supply curve is.
Answer:
1. Opportunity Cost of 2nd truck from 1st Truck = 1T : 3P
2. Opportunity Cost of 3rd truck from 2nd truck = 1T : 5P
Explanation:
Choice Hours Producing Produced
(Trucks) (Puzzles) (Trucks) (Puzzles)
A 8 0 4 0
B 6 2 3 11
C 4 4 2 16
D 2 6 1 19
E 0 8 0 20
Opportunity Cost is the cost of a good sacrifised to achieve additional unit of other good.
- From point D ( 1 truck) to point C ( 2nd truck ), opportunity cost in terms of puzzles sacrifised is 19 - 16 = 3. So, opportunity cost is 1T : 3P
- From point C ( 2 trucks ) to point D (3rd truck ), opportunity cost in terms of puzzles sacrifised is 16 - 11 = 5. So, opportunity cost is 1T : 5P
Answer:
Lessee's Entries:
Rent expense (Dr.) $45,500
Cash (Cr.) $45,500
Lessor's Entries:
1. Property Tax expense (Dr.) $2,000
Maintenance and Repair Expense (Dr.) $650
Insurance Expense (Dr.) $500
Accounts Payable (Cr.) $3,150
2. Depreciation Expense (Dr.) $ 29,285
Accumulated Depreciation (Cr.) $29,285
3.Cash (Dr.) $45,500
Rent Revenue (Cr.) $45,500
Explanation:
The lease is considered as an operating lease as it does not have bargain purchase option and renewal options. The property ownership is not transferred in this lease.
Depreciation expense:
[ Cost - Salvage Value ] / 7
220,000 - 15000 / 7