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4 years ago

What is a traditional economy

2 answers:

8 0

A traditional economy is<span> an original economic system where traditions, customs, and beliefs shape the goods and services the economy produces, and also the the rules and manner of their distribution.</span>

stellarik [79]4 years ago

5 0

xThe answer about the Traditional Economy is explained below.

Explanation:

A traditional economy is an economic system in which traditions, customs and beliefs are very important. These customs, traditions and beliefs make the system and shape the goods and services that the economy produces.

The rules and manner of the distribution of the goods and services are also defined or shaped by such customs, traditions and beliefs.

The economic decisions are generally based on families, clans, tribes or communities in this type of economic system.

This type of system is usually rural and farm based.

In such type of systems, there is a very little change over time. Traditional economies try to stick with their base and traditions and do not change much over time.

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Briefly explain whether each of the following is primarily a microeconomic issue or a macroeconomic issue.

BigorU [14]

Answer: Micro; Macro; Macro; Micro.

Explanation:

Economics is divided into two main segments which are microeconomics and macroeconomics. It should be noted that microeconomics deals with study of individuals and the firms while macroeconomics studies the while economy and looks at decisions that are made by governments and countries.

a. The effect of higher cigarette taxes on the quantity of cigarettes sold.

This is a microeconomic issue as one entity is being discussed which is cigarette and the issue is related to just one particular industry.

b. The effect of higher income taxes on the total amount of consumer spending.

This is a macroeconomic issue as taxes affects the whole economy. The whole nation is affected by this decision.

c. The reasons for the economies of East Asian countries growing faster than the economies of sub-Saharan African countries.

This is a macroeconomic issue as it relates to different countries.

d. The reasons for low rates of profit in the airline industry.

This is a microeconomic issue as the issue affects just the airline industry.

5 0

4 years ago

You paid $9,700 for a $10,000 par value Treasury bill maturing in 3 months. What is the holding-period return if you hold the tr

Novay_Z [31]

Answer:

The holding-period return if the treasury bill is held until maturity is:

= $300.

Explanation:

a) Data and Calculations:

Par value of Treasury bill = $10,000

Price paid for the bill = 9,700

Holding-period return = $300

Maturity period of the bill = 3 months

b) The holding-period return, otherwise called the yield, is the total return earned on the Treasury bill investment during the 3 months that it is held. The holding period is the 3-months time the Treasury bill is held by an investor, which corresponds to the period between the purchase date and sale date of the Treasury bill.

4 0

3 years ago

The following are budgeted data:

kicyunya [14]

Answer:

d. 18,570 pounds

Explanation:

The computation of the raw material purchased for the month of February is shown below:

= Production in units + ending inventory - beginning inventory

where,

Production in units = 19,200

Ending inventory is

= 17,100 × 30% × 1

= 5,130

And, the beginning inventory is

= 19,200 × 30% × 1

= 5,760

So, the raw material purchased for the month of February is

= 19,200 + 5,130 - 5,760

= 18,570 pounds

We simply applied the above formulas

7 0

3 years ago

On January 1, 2019 Miller Corporation had retained earnings of $8,000,000. During 2019, Miller reported net income of $1,500,000

Stels [109]

Answer:

$9,000,000

Explanation:

As we know, in preparing accounts, the following steps are considered:

From all the revenues earned, all the expenses are deducted, and then we get net revenues.

From such net revenues all the taxes are provided.

Then all the appropriation in the form of dividend is provided.

Firstly to preference and then to equity.

After that all the remaining earnings are added to retained earnings.

In the given instance,

Net Income - Dividend = $1,500,000 - $500,000 = $1,000,000

Now this will be added to opening retained earnings.

Therefore, retained earnings balance at year end = $8,000,000 + $1,000,000

= $9,000,000

4 0

3 years ago

Identical products, as well as a large number of buyers and sellers, are characteristics of a perfectly competitive market. In s

Rus_ich [418]

Answer:

The correct answer is True.

Explanation:

A perfectly competitive market has the following characteristics:

• There are many buyers and sellers in the

market.

• The goods offered by the different sellers

They are largely identical.

• Companies can freely enter and exit the

market.

As a result of these characteristics, perfectly competitive markets, result in:

• The actions of any buyer or seller

have an insignificant impact on the price of

market.

• Each buyer and seller takes the prices of

Market as dice.

A competitive market has many buyers and sellers trading with identical products so that each buyer and seller is price-accepting.

• Buyers and sellers must accept the price

determined by the market.

6 0

3 years ago