All categories

3 years ago

Economics may best be defined as the Multiple Choice

Business

1 answer:

AysviL [449]3 years ago

8 0

Answer:

2. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.

Explanation:

Economics is defined as a study of how a society uses its limited resources. It deals with consumption, distribution, and production of goods and services.

Economics tries to find ways that unlimited wants can be satisfied with limited resources. Theories postulated are focused on how to optimally use scarce resources for production of goods and services, how am individual or organisation can maximise it's utility of a product.

You might be interested in

Catherine is a U.S. citizen who is employed by DSC, Inc., a global company. Beginning on August 1, 2020, Catherine began working

marin [14]

Answer:

a. Is Catherine eligible for the foreign income exclusion for 2020?

Yes

b. Catherine may exclude $45,104 from her gross income for 2020.

Explanation:

In order for Catherine to qualify for the foreign income exclusion, she must have lived in a foreign country for at least 1 one (physical presence test). She lived for more than 1 year if we combine her residence in Germany and Slovenia.

The foreign income exclusion amount for 2020 is $107,600, and Catherine can exclude up to (153 days / 365 days) x $107,600 = $45,103.56 ≈ $45,104.

5 0

2 years ago

Batman parked the Batmobile himself and kept the bat keys. There was no attendant at the lot. Two hours later, Batman left the r

kupik [55]

Answer:

First of all, there was no attendant in the parking lot when batman arrived, meaning that he did not hand the keys. Batman kept the leys to himself all the time, so there is no transfer of possession. Without a valid transfer of possession, bailment cannot exist. Whether Batman ate at the restaurant or spent time talking to Wonder Woman do not change the facts that the safety of his Batmobile was his responsibility only.

5 0

3 years ago

Use the following two statements to answer this question:I. The average total cost of a given level of output is the slope of th

Burka [1]

Answer:

B. Both I and II are true.

Explanation:

The average total cost of a given level of output is the slope of the line from the origin to the total cost curve at that level of output

The average total cost is defined as the sum of all total costs divided by the quantity produced. In other words, the cost of one unit of production. The average cost curve as shown in the diagram is U-shaped, where it falls with economies of scale and later rises as diseconomies of scale sets in.

The marginal cost of a given level of output is the slope of the line that is tangent to the total cost curve at that level of output

Marginal cost is the change that occurs in the total cost when quantity produced increases by one unit. In other words, it is the cost of producing an additional unit of a good. As per the diagram, the slope of the line tangent to the TC (TC = AC x Q1) curve at Q1 is the firm's marginal cost at this output level.

7 0

3 years ago

Which of the following is not one of the four main types of inventory?

Maslowich

Answer:

All of these are main types of inventor.

7 0

2 years ago

The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm. Purchased $80,000 of materials on accou

Airida [17]

Journal entry

1. Dr Material 80000

Cr Accounts payable 80000

(Purchase material on account)

2. Dr Work in process 4000

Cr Material 4000

(issue material)

3. Dr Material 56000

Cr Accounts payable 56000

( Purchase material on account)

4. Dr Accounts payable 80000

Cr Cash 80000

(Paid cash of material purchase)

5. Dr Work in process 68000

Cr Material 68000

( Issued material to production)

6. Dr Work in process 100000

Cr Wages payable 100000

(Direct labor incurred)

7. Dr Factory overhead 106000

Cr Cash 106000

( Paid cash on account of factory overhead)

8. Dr Work in process (100000*125%) 125000

Cr Applied factory overhead 125000

( To record applied factory overhead)

9. Dr Factory overhead 50000

Cr Accumulated depreciation 50000

( To record depreciation on plant and equipment)

T-account

Cash Material

Dr___________Cr__ __ DR ___________CR

148200 ---

---80000 80000 ---- 4000

---106000 56000 ---

-- 68000

Work in process Accounts payable

Dr____________Cr___ ___ DR ___________Cr

33000 ---

4000--- 80000 -- 80000

68000-- -- 56000

100000---

125000 ---

Wages payable Factory overhead

Dr ____________Cr__ __ Dr _____________Cr

--- 100000 106000 --

50000 --

Applied factory overhead Accumulated depreciation

Dr_____________Cr__ _ Dr ___________Cr_

--- 1250000 --- 50000

Finished goods Cost of goods sold

Dr_____________Cr__ _ Dr ___________Cr_

166000 --- --- 263400

--- 143200

Material end =?

Material (end) = 148200 +80000+56000-4000-68000=

Work in process (end) = ?

work in process = 148200+166000-143200 =171000

8 0

3 years ago