A service is a product that consists of primarily intangible attributes.
Intangible means something you can not touch because it lacks the physical nature like an object (good). A service has value like a good but no presence.
Examples of intangible products/services are a travel agent, insurance, education and healthcare, along with many more.
Answer:
A. Debit: Bad Debt Expense 2,500
Credit: Allowance for Doubtful Accounts 2,500
250,000 x .01 = 2,500
B. Debit: Bad Debt Expense 2,750
Credit: Allowance for Doubtful Accounts 2,750
3,000 - 250 = 2,750
Answer: A. I and IV only
Explanation:
The relationship between bond prices and interest is an inverse one. This is because bonds have fixed rates so when for instance interest rates increase, the fixed rate of bonds will become less attractive as people would want to make the higher interest. They will therefore demand less of bonds and the prices will drop. The reverse is true.
Also, long term bonds are more affected by interest rate changes then short term bonds. This is because, as they have a longer term till maturity, they will be even less attractive when interest rates rise.
Answer:
1. Inflation is best described as _____.
- an upward, general trend of prices in the economy
2. Which of the following scenarios illustrates cost-push inflation?
- An increase in the price of raw materials decreases aggregate supply, pushing prices higher throughout the economy.
3. The Consumer Price Index in 2018 was 251. In 2019, the CPI rose to 257. Calculate the inflation rate from 2018 to 2019. Round your answer to the nearest tenth of a percent.
- 2.4%
4. The Consumer Price Index of any given year provides _____.
- the relative price of a basket of consumer goods as compared to base year prices
5. The rate of inflation in a hypothetical economy is projected to be 1.5% in the coming quarter. Given this information, the Federal Reserve is likely to _____.
- make efforts to raise the inflation rate because 1.5% is below the desired rate of inflation
Explanation:
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