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antoniya [11.8K]
3 years ago
15

Which statement best describes capitalism

Business
1 answer:
amm18123 years ago
3 0
An economic and political system in which a country's trade and industry are controlled by private owners for profit rather than by state. {This is what the dictionary said by the way}
You might be interested in
Consider two spices, cumin and paprika, to be substitutes, a decrease in the supply of paprika, should cause an increase in the
makvit [3.9K]

Answer:

an increase in the price of both

Explanation:

A decrease in the supply of paprika would cause an increase in the price of both substitute goods. When the supply of paprika falls, the demand will be greater than what is available for sale and this would cause the sellers to raise it's price afterall it is now scarce.

Also as a substitute good, more people would begin to switch to buying cummin which would raise the demand for cummin. This increase in demand for cummin would then cause the price of cummin to go up.

3 0
3 years ago
One column of numbers consists of 28, 42, and 14. When the digits of the
san4es73 [151]

Answer:

the correct answer is D

D. If the end result from the second column is not 3, then the sum of the

numbers in the first column equal to the sum of the numbers in the

second column.

Explanation:

since e are given the first column operation of the numbers. The operational process is repeated on the  number of the second column we can then conclude by choosing option <em>D if the end result from the second column is not 3, then the sum of the numbers in the first column is equal to the sum of the numbers in the </em>

<em>second column.</em>

3 0
3 years ago
"'Suppose that while in college, you saved money by eating generic fruits and vegetables from the grocery store. Now, suppose th
zysi [14]

Answer:

Normal goods

Explanation:

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls.

I increase my demand for organic fruits and vegetables when my income increased. This shows they are normal goods.

Generic fruits and vegetables are inferior goods.

Inferior goods are goods whose demand falls when income rises and increases when income falls.

I hope my answer helps you

8 0
3 years ago
Supply is more elastic over long periods than over short periods because:_____.
Vikki [24]

Answer:

A

Explanation:

Price elasticity of supply measures the responsiveness of quantity supplied to changes in price of the good.

Price elasticity of supply = percentage change in quantity supplied / percentage change in price

If the absolute value of price elasticity is greater than one, it means supply is elastic. Elastic supply means that quantity supplied is sensitive to price changes.  

Supply is inelastic if a small change in price has little or no effect on quantity supplied. The absolute value of elasticity would be less than one

The short run is a period where all  factors of production are fixed. In the short run, a firm would continue to produce if price is above average variable cost. If this is not the case, it would shut down

The long run is a period where all factors of production are varied. It is known as the planning time for a company

Supply is more elastic in the long run than in the short run because the producer can make adjustments in the long run

3 0
3 years ago
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics Internation
notka56 [123]

Answer:

Gravure Graphics International

General Journal:

Jan 2, 2015:

Debit  Storage Shed $87,000

Credit Cash Account $87,000

To record the purchase of storage shed components.

Jan 3, 2015:

Debit Storage Shed $3,000

Credit Cash Account $3,000

To record the payment for shed erection.

April 1, 2015:

Debit Pickup Truck $39,000

Credit Cash Account $39,000

To record the purchase of a pickup Truck

May 13, 2015:

Debit Truck Repair Expense $400

Credit Cash Account $400

To record the payment for repairs.

July 1, 2015:

Debit Patent Rights $28,000

Credit Cash Account $28,000

To record the purchase of patent rights.

Dec. 31, 2015:

Debit Depreciation Expense - Storage Shed $8,400

Credit Accumulated Depreciation - Storage Shed $8,400

To record the depreciation expense for the year.

Debit Depreciation Expense - Pickup Truck $5,250

Credit Accumulated Depreciation - Pickup Truck $5,250

To record the depreciation expense for the 9 months.

Debit Impairment Expense - Patent Rights $2,800

Credit Accumulated Impairment- Patent Rights $2,800

To record the impairment expense for the 6 months.

June 30, 2106:

Debit Depreciation Expense- Pickup Truck $3,500

Credit Accumulated Depreciation- Pickup Truck $3,500

To record depreciation expense for the half year.

Debit Accumulated Depreciation - Pickup Truck $8,750

Credit Sale of Truck $8,750

To transfer the balance to Sale of Truck.

Debit Sale of Truck $39,000

Credit Pickup Truck $39,000

To record the transfer to Sale of Truck.

Debit Cash Account $33,000

Credit Sale of Truck $33,000

To record the sale of the pickup truck for cash.

Dec. 31, 2016

Debit Sale of Truck $2,750

Credit Gain on Sale of Truck $2,750

To record the gain on sale of truck.

Debit Depreciation Expense - Storage Shed $8,400

Credit Accumulated Depreciation - Storage Shed $8,400

To record the depreciation expense for the year.

Debit Impairment Expense - Patent Rights $25,200

Credit Accumulated Impairment- Patent Rights $25,200

To write down the book value to zero.

Explanation:

a) Depreciation / Impairment Expenses:

1) Storage Shed = $8,400 ($87,000 + 3,000 - 6,000) / 10

2) Pickup Truck = $7,000 ($39,000 - 4,000) / 5

for 2015 = $5,250 ($7,000 x 9/12)

3) Patent Rights = $5,600 ($28,000/5)

for 2015 = $5,600 /2 = $2,800

4) Truck for 2016: $7,000/2 = $3,500

5) Depreciation is an accounting method for expensing the cost of a fixed asset over its useful life.  It is based on estimate and there are many methods for estimating the depreciation expense for the various fixed assets.

6) Impairment is like depreciation as a method for expensing cost of an asset.  The difference is that while depreciation is used for tangible non-current assets, impairment is for intangible non-current assets.  Another difference is that impairment is determined at the end of the period when the asset is checked for impairment based on fair value.

8 0
3 years ago
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