How much does the United States spend on clothes each day?

Identify the four major requirements necessary for a free-market system to operate.

g100num [7]

The free market<span> is defined as the system in which the price of goods is agreed upon by consent between sellers and consumers, through the laws of supply and demand. Their requirements are the existence of free competition, (which in turn requires that among the participants of a commercial transaction there is no coercion, no fraud, or more generally, that all transactions are voluntary), c</span>omplete universal information about the products and their prices, a free medium of exchange with a common currency, reasonable transaction costs, set of sellers and a set of buyers.

7 0

3 years ago

What is the annual cost per mile of operating a car given the following information? Item Value Annual miles driven 11,800 Gas c

GarryVolchara [31]

Answer:

Annual cost per mile of operating a car=$0.409 per mile

Explanation:

Step 1: Calculate the total cost of gas and other associated cost

Total cost of gas=price per gallon×number of gallons consumed

where;

price per gallon=$ 2.79

number of gallons consumed=24

replacing;

Total cost of gas=(24×2.79)=$66.96

Additional costs=Annual depreciation+interest+insurance+license+

repairs/oil+parking

where;

Annual depreciation=$2,500

interest=$650

insurance=$680

license=$65

repairs/oil=$370

parking=$498

replacing;

Additional costs=(2,500+650+680+65+370+498)=$4,763

Total costs=total gas cost+additional cost=(66.96+4,763)=4,829.96

Total annual operating cost=$4,829.96

Annual cost per mile=Total annual operating costs/number of miles driven

Annual cost per mile=4,829.96/11,800

Annual cost per mile=$0.409 per mile

5 0

3 years ago

Which of the following scenarios illustrates the law of demand?

Genrish500 [490]

Answer:

Option B is correct.

Explanation:

In order to answer this question correctly, we first need to understand the law of demands.

Law of demands: It says that the relationship of price and quantity demanded is inversely proportional. It means if the price of a particular product goes high, then the quantity of demand will be reduced. Similarly, if the price of the product is low then the quantity of demanded will be higher.

Here,

Option B is the most relevant to the Law of Demand which says that Kathleen eats more steak when the price is low. It means when the price is low, the quantity of steak demanded is higher in Kathleen's case. Furthermore, Kathleen eats less when the price is high. It means, when the price of steak is higher then the quantity of steak demanded from Kathleen is low.

Hence, Option B is the correct option which fulfills the law of demand.

3 0

2 years ago

Michael Peters is a middle-aged professional who lost his job five months ago when his former employer downsized. Heâ€™s been ac

Lerok [7]

Answer: necessity entrepreneur

Explanation: While an entrepreneur is described as someone who organizes and operates a business venture and assumes much of the associated risks, necessity entrepreneurs only do so out of necessity (the quality or state of being necessary, unavoidable, or absolute requisite). As such, they are individuals ranging from educated persons to street sellers especially in developing countries who create small businesses or enterprises out of the need to survive. In Michael Peters' case, he lost his job due to downsizing which caused him to apply his skills and talents to starting up a business.

6 0

3 years ago

How are dividends and dividends payable reported in the financial statements prepared at december 31

Agata [3.3K]

Answer:

1. Dividends are deducted from the Statement of Retained Earnings as dividend expenses.

2. Dividends payable are reported in the Balance Sheet as current liabilities.

Explanation:

Dividends are distributions to the shareholders from earnings (income) after all expenses and taxes have been deducted from the revenue for the period. Dividends payable are unpaid dividends, which are reported as current liabilities until they are paid for in the next accounting period.

4 0

2 years ago