If there is a sharp increase in the minimum wage as well as an increase in taxes, then in the short run, real gdp will fall & price level might rise, fall, or stay the same and in the long run, the price level might rise, fall, or stay the same but real GDP will be lower.
<h3>What is a minimum wage?</h3>
This refers to the lowest remuneration that an employers can legally pay their employee as the the price floor below which employees may not sell their labor.
The effect of this on economy is noted as a sharp increase in the minimum wage as well as an increase in taxes, then in the short run, real gdp will fall & price level might rise, fall, or stay the same and in the long run, the price level might rise, fall, or stay the same but real GDP will be lower.
Read more about minimum wage
brainly.com/question/26699459
#SPJ1
Answer:
32hours or 80% of the complete working hours per week of the business
Explanation:
When construction companies engage in contracts were materials and labor can cost $500 and above, they are expected to have a license. If the business does not have a license, it can qualify for a license if it decides to employ someone with the required license. The employed individual will be known as the responsible managing employee.
The contractors state license board requires such an employee to be a full and recognized employee of that business and to have at least 32hours or 80% of the sum of the working hours expended by the business.
Answer:
Accounts receivable (Dr.) $1,075
Sales revenue (Cr.) $1,075
Cost of goods sold (Dr.) 800
Finished goods (Cr.) 800
where
Dr. = Debit
Cr. = Credit
Explanation:
The inventory account of a manufacturing firm has three sub-accounts: Raw materials, Work-in-process, and Finished goods. The goods purchased by the company were sold without any work done. It means that they were purchased in finished form, so, the company will record these goods in its finished goods inventory. When goods are sold, we have to record sales and receivable. AND on the same time, under perpetual inventory system, the cost of goods that are sold and inventory account are also adjusted to reflect the changes.
Answer: Debit Unearned fees $6,120, Credit Fees income $6,120.
Explanation: Garcia Publishing received $24,480 from Otisco on April 1 and this was recorded as unearned fees. This means Garcia would have debited cash with $24,480 and credited unearned fees $24,480. Remember the fees was paid at the beginning of April and is for 36-month subscriptions. So, the amount in unearned fees would be unwound to income (fees) over the tenor of the subscription (36 months). Therefore, monthly amortization would be $24,480 divided by 36 months = $680. April 1 to December 31 is 9 months, $680 multiplied by 9 months is $6,120.
Answer and Explanation:
The computation is shown below;
For Alternative A
Cost to buy new machine -$119,000.00
Cash received $55,000.00
Reduction in variable manufacturing cost ($33400 - $23000) ×5 $52,000.00
Total change in net income -$12,000.00
For Alternative B
Cost to buy new machine -$112,000.00
Cash received $55,000.00
Reduction in variable manufacturing cost ($33400 - $10200) × 5 $116,000.00
Total change in net income $59,000.00
So here Xinhong should purchase a machine that belong from Alternative B.
