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LUCKY_DIMON [66]
3 years ago
9

What economies are driven by supply and demand?

Business
1 answer:
Novay_Z [31]3 years ago
3 0
<span>The world’s economic systems fall into one of four main categories: traditional economy, market economy, command economy and mixed economy; however, there are unlimited variations of each type. An economic system must define what to produce, how to produce it and for whom to produced it. Depending on the products produced and the environment, certain economic strategies will be more successful than others. This might help :)</span>
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In a standard cost accounting system, the entry to record purchase of raw materials on account for $13500 when the standard cost
Sedaia [141]

Answer:

a. Debit to raw material inventory for $12,750, debit to material price variance $750 and credit to account payable for $13,500.

Explanation:

Date  Journal Entry                                   Debit      Credit

         Raw Material Inventory                   $12,750

         Material Price Variance                   $750

               Accounts Payable                                     $13,500

3 0
3 years ago
True or False: A tax cut is less likely to change the composition of labor demand than a government spending increase.
MA_775_DIABLO [31]

Answer:

True

Explanation:

This is the case because tax cuts and government spending are instruments that could be used in expansionary fiscal policy.

Note that reduced taxes usually have a direct impact on the disposable income of a economy not the composition of labor demand. Tax cuts leads directly to consumption and savings increase, resulting from increase in disposable income in the economy.

5 0
3 years ago
What significance does a fire’s point of origin have regarding the investigations of a suspected arson fire?
topjm [15]
Because from where they started they will be able to find out what caused the fire
6 0
3 years ago
Read 2 more answers
A company reported net income of $200,000 during 2019. The company reported depreciation expense of $35,000, patent amortization
OLga [1]

Answer:

The correct answer is B

Explanation:

The company’s cash flow from operating activities for the year 2019 is computed as follows;

Net income $200,000

Add:

Depreciation 35,000

Amortization of patent 10,000

loss on the sale of equipment 5,000

Total cash provided by operating activities $250,000

*Depreciation expense, amortization expense and loss on sale on equipment are all non cash transaction which cause a decrease on net income. Thus if we want to know the actual cash activities for the year, we have to add it back to the Net income to arrive the correct answer.

5 0
3 years ago
A t-shirt maker would be willing to supply 75 t-shirts per day at a price of $18.00 each. At a price of $20.00, the t-shirt make
pav-90 [236]

Answer:

c. 2.71, and supply is elastic.

Explanation:

The formula to compute the price elasticity of supply is shown below:

Price elasticity of supply = (Percentage change in quantity supplied ÷ percentage change in price)        

where,  

Change in quantity supplied is

= Q2 - Q1

= 100 t-shirts - 75 t-shirts

= 25 t-shirts

And, an average of quantity supplied is

= (100 + 75) ÷ 2

= 87.5

Change in price is

= P2 - P1

= $20 - $18

= $2

And, the average of price is

= ($20 + $18) ÷ 2

= 19

So, after solving this, the price  elasticity of supply  is 2.71

3 0
3 years ago
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