What we are looking for is the Debt-GDP ratio in percentage.
In economics, the debt-to-GDP ratio is the ratio in the middle of a country's
government debt (a cumulative amount) and its gross domestic product (GDP) that
is measured in years.
Solution: This ratio is calculated as (350 / 14500) x 100 =
0.02414 x 100 = 2.4 (rounded to one decimal place). The deficit is 2.4% of GDP.
Answer: the gains from trade; protectionism
Explanation:
The common belief among economists is that it is better to embrace the gains from trade, and then deal with the costs and trade offs with other policy tools, than it is to engage in protectionism.
Economists believe that when countries engage in trade together, it brings about increase in the world's output, better innovation and better product quality hence, they do not really support protectionism.
Answer:
a. The cutoff value for investigation if the controller’s rule of thumb is to investigate all variances equal to or greater than 6 percent of standard cost is $2,280.
b.The month that will have their direct-labor efficiency variance investigated will be the month of since june variance is 2,400 and hence is above $2,280.
Explanation:
According to the given data, the standard direct-labor cost during each of these months was $38,000, therefore, in order to calculate the cutoff value for investigation, we would have make the following calculation:
Cutoff value for investigation =6% of Standard cost =$38,000 *6% =$2,280
The month that will have their direct-labor efficiency variance investigated will be the month of since june variance is 2,400 and hence is above $2,280.
Answer:
4. Fiscal year
Explanation:
Reporting period refers to the period or time covered by a set of financial statements. It is the accounting period in which a given financial report will be covered. It may either be monthly, quarterly or yearly depending on organization's choice.
Now, fiscal year is an accounting period or reporting period that consist of 12 month used for accounting purposes. It is a yearly reporting period made up of 12 consecutive months. It may or may not correspond to the normal calendar year depending on the organization's choice or decision.
