Answer:
1. Nick can easily determine that the Panaview model has a lower price than the Zony model. - Unit of Account.
One of the three roles money plays is that of Unit of Account. Money is used to measure the values of goods and services accurately, so that their values can be assessed, and more importantly, compared.
2. Nick saved $30 per week. - Store of Value.
Another one of the three roles of money is that of Store of Value. Money is a good that has intrinsic value, and can be amassed to save for the future.
3. Nick pays $140 for the Blu-Ray player. - Medium of Exchange.
The final role that money plays is that of Medium of Exchange. Money is a good that can be used to facilitate exchange among other goods and services because it can be easily stored, it works as a unit of account, it is accepted by many people, and it has some sort of official authority backing it.
Answer:
The correct answer is letter "A": Productive; Allocative.
Explanation:
A Production Possibility Frontier (<em>PPF</em>) is a range of answers to the question: <em>what is the company's maximum production capacity</em>? Producing at a maximum level means creating as many jobs and using as many resources as possible. This maximizes employment and minimizes unused resources. Within this approach, the PPF represents <em>productive </em>efficiency. When production represents consumer preferences we are in a case of <em>allocative </em>efficiency.
Answer:
Journal entry to record Smith's payment
- Dr Cash account 500
- Cr Accounts Receivable account 500
Explanation:
The following journal entry was made when the account was written off:
- Dr Bad Debt Expense account 500
- Cr Accounts Receivable account 500
When the write off was reversed the following journal entry was made:
- Dr Accounts Receivable account 500
- Cr Bad Debt Expense account 500
Answer:
A. Forced introduction of a national currency.
B. Provided federal contracts to arms and clothing manufacturers.
C. Improved infrastructure particularly in the form of the transcontinental railroad and telegraph systems.
Explanation:
The Civil War was a war between the then Northern States who comprised the Union and the then Southern States who comprised ti Confederacy in an attempt to get the Confederacy to rejoin the United States of America.
The war had many casualties but some good was done to the economy in terms of the following;
- There was a forced introduction of a national currency known as the Greenbacks after Congress passed the Legal Tender Act of 1862.
- The Federal Government increased spending in the economy by providing federal contracts to arms and clothing manufacturers to aid the troops.
- Improved infrastructure to enable information get to soldiers faster as well as to move soldiers faster especially in the areas of telegraph development and the construction of the transcontinental railroad.
Answer:
Each item on a common-size balance sheet is expressed as a percentage of sales.
Explanation:
In a Common-size balance sheet, the items of the financial statements are presented i.e assets, liabilities and the stockholder equity are reflected in a percentage of the total assets and the total liabilities & owners equity as the case may be.
Like on numerator side the asset item is there and on the denominator side the total assets are there
