What is the total cost for an item that costs $140.00 and has a sales tax rate of 7.5%?

2) Economic Growth: Use the PPF from above to illustrate the effects of saving and investment upon national GDP. Use a PPF to sh

Inessa [10]

Answer and Explanation:

Economic Growth can be defined as an increment in production capacity of an economy using all its available resources. The PPF illustrates the largest possible quantity of goods and services a nation can produce base on its available resources. An outward shift in the economy’s production possibility frontier (PPF) depicts a raise in productive capacity of an economy. An outward shift implies that an economy has capacity to increase its production outputs. This can be as a result of the economy employing new technology, allowing specialization, increasing its labour force, using new production approaches etc. Likewise, an inward shifting PPF implies an economy has witness a loss or exhaustion of some of its scarce resources and it will culminate into reduction in an economy’s productive potential.

Effects of saving and investment upon national GDP

level of savings direct related to the level of investment, investment feeds on available finance from saving. If more people save, the banks will be able to lend more to firms to support their investments.

low savings and investment implies a PPF inward shift. low savings in economy implies that the economy is opting for short-term consumption over long-term investment, and this will lead to future undue pressure on available infrastructures ad resources.

spending on consumer goods vs capital goods effect on the economy

In the short run, the economy must prefer using available resources to produce capital rather than consumer goods. Standards of living will be affected, as private consumption will have access to fewer resources. However, in the longer run, the raised production of capital goods will boost the production of more consumer goods ad therefore standards of living will experience more increase than they would have witness if the economy had spent most of its income on consumer goods.

6 0

3 years ago

Elite Stationary employs 20 full-time employees and 10 trainees. Direct and indirect costs are applied on a professional labor

kolezko [41]

Answer:

Since cost per hour of full-time employees is $150, while cost per hour of trainees $27, clients using proportionately more full-time employees than trainees will <u>be under billed or charged for the resources or labor hour used</u>.

Explanation:

The data in the question are merged and they are first separated before answering the question as follows:

Details Budget Actual

Indirect costs $250,000 $400,000

Annual salary of each employee $200,000 $250,000

Annual salary of each trainee $40,000 $45,000

Total professional labor-hours 40,000 dlh 50,000 dlh

In normal costing system, actual costs are used.

Therefore, labor hours for each category and cost per hour can be calculated as follows:

Full-time employees total labor hours = (20/30) * 50,000 = 33,333 hours

Each full-time employee annual labor hour = 33,333/20 = 1,667 hours

Cost per hour of full-time employees = $250,000/1,667 = $150 per hour

Trainee total labor hours = (10/30) * 50,000 = 16,667 hours

Each trainee annual labor hours = 16,667/10 = 1,667 hours

Cost per hour of trainees = $45,000/1,667 = $27 per hour

Since cost per hour of full-time employees is $150, while cost per hour of trainees $27, clients using proportionately more full-time employees than trainees will <u>be under billed or charged for the resources or labor hour used</u>.

5 0

2 years ago

Which of the following statements is true? Group of answer choices An explicit cost is an actual cost; an implicit cost is a the

professor190 [17]

Answer:

Economic costs include both explicit costs and implicit costs.

Explanation:

In economics, costs can be in the form of explicit and implicit as implicit costs are opportunity costs and are opportunities for engaging in business. While the explicit costs are accounting costs which are involved in the production of raw matter, wages etc.

7 0

2 years ago

Global staffing has created political issues such as questioning U.S. federal legislation that restricts the number of high-skil

GuDViN [60]

Answer:

True

Explanation:

This is true that global staffing has created political issues such as questioning U.S. federal legislation that restricts the number of high-skilled workers admitted from other countries.

8 0

2 years ago

When the value of the dollar declines in relation to other currencies, it benefits u.s. marketers who?

horsena [70]

All the rest of the counties since when they do currency exchange their value of monewy is higher and they have to pay less

6 0

2 years ago