Total output of an economy can be divided into its alternative uses by considering who bought the output. when other countries purchase part of an economy's output, this is called Gross Domestic Product [GDP],
<h3>Gross Domestic Product</h3>
The total monetary or market worth of all the finished goods and services produced within a nation's boundaries during a certain time period is known as the gross domestic product (GDP). It serves as a thorough assessment of the state of the economy in a particular nation because it is a wide indicator of total domestic production.
Although it is often calculated on a yearly basis, GDP can also be computed on a quarterly basis. For instance, the US government estimates the annualized GDP for the entire year as well as each fiscal quarter.
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Answer:
The functional role being used by the government to help Ali's company is;
Redistribution of income and resources
Explanation:
The government using the three arms, namely; legislature, judiciary and executive perform various functions to ensure that it's citizens live and operate in a certain way. There are different activities that need government input o ensure efficiency. Some examples are; social activities, economic activities and political activities. Some of the major functions of government are as follows;
1. Defend and preserve the country's territorial integrity: the government has a duty to defend it's borders against external aggression.
2. Preserve order: order has to be preserved in a country to minimize chaos. The government using the constitution as a tool for preserving and maintaining order.
3. Redistribution of income and resources: the government can enforce certain policies that tend to redistribute income and resources from the wealthy to economically marginalized groups in the society. This can be done by imposing higher taxes on the rich while at the same time imposing little or no tax on the poor. The government can also provide subsidies to goods and services meant for the poor or even support small businesses by providing for cheaper loans with very low interest. An example is Ali's company that utilized a low-cost loan to boost his business. In this way the government is playing the role of redistribution of income and resources.
Answer:
The actual labor rate per hour is $12
Explanation:
First and foremost, we need to understand that a direct labor spending variance of $990(unfavorable) means that the firm spent an additional $990 compared to what was expected.
Also, the spending variance is computed as the actual labor rate minus the standard labor rate multiplied by the actual labor hours worked
spending variance=(actual labor rate-standard labor rate)*actual labor hours
spending variance=$990
actual labor rate=unknown=(assume it is X)
standard labor rate=$11
actual labor hours worked=990
$990=(X-$11)*990
$990/990=X-$11
$1=X-$11
X=$1+$11
X=actual labor rate=$12
Answer:
20
Explanation:
The computation of the increase in the government spending is shown below:
= (Economy is at equilibrium point - potential output) ÷ (Multiplier)
= ($1,000 billion - $1,200 billion) ÷ (10)
= $200 billion ÷ 10
= $20 billion
The multiplier is computed below:
= (1) ÷ (1 - MPC)
= (1) ÷ (1 - 0.9)
= 1 ÷ 0.1
= 10
We simply first apply the multiplier formula, than calculate the government spending increment
