All categories

3 years ago

In the circular flow model, who supplies factors of production in exchange for income?

1 answer:

4 0

In the circular flow model, factors of production are supplied by HOUSEHOLDS in exchange for income. In the circular flow model, producers are referred to as "firms" while consumers are termed "households". In that sense, goods and services are supplied by firms, and are consumed by households. In the same vein, firms give money to households in exchange for economic resources used as factors of production.

You might be interested in

Income statement. Construct the Barron Pizza, Inc. income statement for the year ending 2015 with the following information (t

aliya0001 [1]

Explanation:

The construction of the income statement for the year ending 2015 is attached in the attachment. Kindly find it below:

As we know that the income statement records only the revenue and the expenses for the particular year

If the income is higher than the revenue, the company earns the net income otherwise it is a net loss and the same is to be reported on the statement of the stockholder equity

The earning per share is

= Net income ÷ Shares outstanding

and the same is shown in the attachment

6 0

3 years ago

"Because apples and oranges are substitutes, an increase in the price of or¬anges will cause the demand for apples to increase.

irinina [24]

Answer:

The correct answer is option a.

Explanation:

Apples and oranges are substitutes. An increase in the price of oranges will cause the demand for apples to increase. This is because people will prefer a cheaper substitute. This increase in the demand for apples will cause its demand curve to shift to the right.

The rightward shift in the demand curve will cause the equilibrium price to increase. But this change in price will not cause a change in demand. The change in price affects only the quantity demanded. Change in demand happens because of a change in other factors.

So, the given statement is not correct.

7 0

3 years ago

What is a consequence of ending a performance appraisal interview on a negative note? Both the supervisor and employee may devel

Ahat [919]

Answer:

The correct answer is letter "C": The employee whose performance was appraised may develop a deflated ego.

Explanation:

Appraisal interviews are conducted to discuss the performance of employees. The company sets a standard of how the duties of workers must be developed and employees are evaluated based on those guidelines. The closer the employee method or woking is to the company's standards, the possibilities of scoring higher increase.

However, not all employees end up with a good score after appraisals. <em>Those who are provided with negative notes typically develop a deflated ego since their performance was qualified as lacking. Managers must follow up on these workers to make sure they are not discouraged and that they accomplish the objectives their roles demand.</em>

4 0

3 years ago

A company provided the following direct materials cost information. Compute the total direct materials cost variance. Standard c

lord [1]

Answer:

C. $78,250 Unfavorable.

Explanation:

We know,

Material cost variance = (Standard quantity × Standard price) - (Actual Quantity × Actual price)

Given,

Standard quantity = 405,000 units

Standard price = $2.00 unit

Actual Quantity = 403,750 units

Actual price = $2.20 unit

Putting the values into the formula, we can get

Material cost variance = (Standard quantity × Standard price) - (Actual Quantity × Actual price)

Material cost variance = (405,000 × $2.00) - (403,750 × $2.20)

Material cost variance = $810,000 - $888,250

Material cost variance = -78,250

Material cost variance = 78,250 (Unfavorable)

Therefore, C is the answer.

4 0

3 years ago

A group of workers normally consists of 60 men, 30 women and 20 boys. They are paid at standard hourly rates as under:

dexar [7]

Labour cost variance = R.s 33,000 (F)
Labour rate variance = R.s 33000 (F)
Labour efficiency variance = 0

Given:

Standard Number of men = 60

Standard Number of women = 30

Standard Number of boys = 20

Standard hour rate for men = R.s 280

Standard hour rate for women = R.s 160

Standard hour rate for boys = R.s 140

Weekly working hour = 40 hours

Expected unit = 5,000 units

Number of men in march week = 70

Number of women in march week = 25

Number of boy in march week = 25

Actual wage for men = R.s 270

Actual wage for women = R.s 165

Actual wage for boys = R.s 130

Actual units = 4,500 units

Find:

Labour cost variance
Labour rate variance
Labour efficiency variance

Computation:

Labour cost variance = [SC for AO] - AC

Labour cost variance = [( 70 × 280) + (25 × 160) + (25 × 140)] - [(70 × 270) + (25 × 165) + (25 × 130)] × 40

Labour cost variance = (27,100 - 26,275 ) × 40

Labour cost variance = R.s 33,000 (F)

Labour rate variance = (SR - AR) × AH worked

Labour rate variance = [(280 - 270)70 + (160 - 165)25 + (140 - 130)25]40

Labour rate variance = [700 - 125 + 250]40

Labour rate variance = [825]40

Labour rate variance = R.s 33000 (F)

Labour efficiency variance = (SH allowed - AH worked)SR

Labour efficiency variance = (0 - 0)SR

Labour efficiency variance = 0

Learn more;

brainly.com/question/22856853?referrer=searchResults

5 0

2 years ago