The given statement stands as true about inelastic products.
- Products that are inelastic must often have reliable backups. Serviceability, conventional medicines, and cigarette products are the most frequently encountered goods with inelastic demand. Businesses that sell comparable goods have less price rigidity since demand is constant regardless of price changes.
- The term "inelastic" refers to a good or service's static volume when its price varies.
False or true Whether a tax is imposed on purchasers or sellers, the cost is shared unless demand is absolutely elastic or perfectly inelastic.
True, for the following reason: Buyers pay the entire tax when demand is perfectly inelastic.
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Answer: The answer is A
Explanation:
The real GDP is used to measure the price of all the goods and services produced in a country in a given period of time. When the economy is below full employment level, it indicate the presence of deflationary gap or recessionary gap in the economy. When the economy is below the full employment the real GDP will be greater but the increase in price level will be smaller the reason been that the increase has no effect on the price level of goods and services.
The deflation means a decrease in the quantity of money in circulation or a fall in prices of goods and services. The increase in the spending on the economy by the government such as the spending on the building of a Navy base or on the spending on transportation and communication would only succeeded in increasing the Real GDP but will have no effect on the price level. When there is a deflationary gap or recessionarygap in the economy, the government of a country may introduce a deflationary policy in order to influence the economy. This is done by credit squeeze, a reduction in government expenditure or a reduction in the total supply of money in the economy
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Answer:
The Journal entry that Oriole Company will make to pay off the note and interest at maturity assuming that interest has been accrued to September 30 will be:
Dr Notes Payable 560,000
Dr Interest Payable 25,200
(560,000*6%*9/12)
Cr Cash 585,200
(560,000+25,200)
Explanation:
Based on the information given where Moss County Bank agrees to lend the Oriole Company $560000 on January 1 this means we have to Debit Note payable with 560,000 and since Oriole Company signs a $560000, 6%, 9-month this means we have to Debit Interest payable with 25,200 (560,000*6%*9/12) and Credit Cash with 585,200 (560,000+25,200).
