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3 years ago

Which of the following statements about the consumption component of GDP is not correct?

Business

1 answer:

Assoli18 [71]3 years ago

3 0

Answer:

D. Spending on services is smaller than the amount of consumption spending on durable and nondurable goods.

Explanation:

For developed countries like the U.S, there is a lot of stress in consumption of services such as good health care, appropriate and quality education and among others. These services contribute to a larger proportion of consumption component of GDP than both durable and nondurable commodities. Therefore, the statement “spending on services is smaller than the amount of consumption spending on durable and non-durable goods” is not correct

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Answer:

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The following information was taken from Baxter Department Store's financial statements:

vodka [1.7K]

Answer:

500,000÷ 200,000 = 2.5

Explanation:

inventory turnover is calculated as

cost of goods sold ÷ Average inventory

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3 years ago

Walker Clothing Store has a balance in the Accounts Receivable account of $390k at the beginning of the year and a balance of $4

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Answer: The average collection period of the receivables in terms of days was 73 days.

Explanation:

Given that,

Accounts Receivable at the beginning of the year = $390,000

Accounts Receivable at the end of the year = $410,000

Net credit sales during the year = $2,000,000

Average collection period of the receivables in terms of days:

Average accounts receivables = $\frac{410000 + 390000}{2}$

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3 years ago

In a traditional economy, which group is most responsible for producing the goods people in society need?

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Answer:

B. Family members

Explanation:

A traditional economy is based upon the customs, beliefs, and history of the community. Age-old traditions and beliefs guide economic decisions of production and distribution. The traditional economy is motivated by the social well being of its members and not by profits.

The main economic activities under the traditional economy revolves are subsistence farming, fishing, and hunting. These activities are carried out in family settings. In other words, family members provide labor for economic activities.

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Read 2 more answers

Which of the following statements about the consumption component of GDP is not​ correct?

Which of the following statements about the consumption component of GDP is not correct?