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Sav [38]
3 years ago
11

Price floors and price supports set a minimum price below which a good or service cannot be sold. Minimum wage laws and agricult

ural price supports are common examples of such price controls. When price floors are used to keep prices above free-market levels in the agricultural industry, which of the following outcomes are common? Check all that apply.
A. Overinvestment in the agricultural industryB. A decrease in the future supply of agricultural goodsC. A surplus of agricultural goodsD. A problem of disposal of surplus agricultural goods
Business
1 answer:
Sergeu [11.5K]3 years ago
7 0

Answer:

C. A surplus of agricultural goods

Explanation:

Un-intervened markets are at equilibrium where Market Demand = Market Supply. Market Supply curve is upward sloping, due to price - supply direct relationship. Market demand curve is downward sloping, due to price - demand inverse relationship. Both curves intersect at equilibrium.

Price floor is minimum mandated price by government, below which a good cant be sold in the markets. It is usually set above market price, to protect the interest of sellers. Eg : Minimum Support price, of agricultural goods, set for protecting interests of sellers (farmers) from volatile prices.

This mandate set artificially high price : leads to supply being more than demand, as supply is directly & demand is inversely related to price. So, supply > demand implies that agricultural goods are at surplus in markets.

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Equipment purchased at the beginning of the fiscal year for $150,000 is expected to have a useful life of 5 years, or 15,000 ope
CaHeK987 [17]

Answer:

(a). Depreciation for 1st year= $24,000

Depreciation for 2nd year= $24,000

(b). 1st Year Depreciation = $20,000

for 2nd year depreciation = $26,000

(c) 1st year Depreciation= $60,000

2nd year Depreciation = $36,000

Explanation:

a).

Annual Depreciation of Equipment = (Cost of Equipment - Residual Value) ÷ Useful Life of Equipment

= ($150,000 - $30,000) ÷ 5

= $24,000

Rate of Straight Line Depreciation = Annual Depreciation of Equipment ÷ (Cost of Equipment - Residual Value) × 100

= 24,000 ÷ ( $150,000 - 30,000) × 100

= $24,000 ÷ $120,000 × 100 = 20%

Depreciation for 1st year= $24,000

Depreciation for 2nd year= $24,000

b). Unit Of Production For 1st Year Depreciation= (Cost Of Equipment -Residual Value) × Annual Production Units ÷ Total Operating Hours

= ($150,000 - $30,000) × 2,500 ÷ 15,000 = $20,000

Unit of Production for 2nd year depreciation = ( $150,000 - $30,000) × 32,50 ÷ 15,000

= $26,000

c). Declining Balance Depreciation Rate = Straight Line Depreciation Rate × 2

= 20% × 2 = 40%   (Because Declining Balance at Twice the Straight Line Rate)

1st year Depreciation= $150,000 × 40÷100 = $60,000

2nd year Depreciation = ($150,000 - $60,000) × 40÷100 =$36,000

8 0
2 years ago
An example of global dependency is when products are produced and used in the same country? True or false
alexandr402 [8]

Hello there,

An example of global dependency is when products are produced and used in the same country?

Answer: False

8 0
3 years ago
Florida has an agreement with some other states which recognizes the similarity in education and experience requirements
babymother [125]

Correct/Complete Question:

Florida has an agreement with some other states which recognizes the similarity in education and experience requirements for licensees. What is the agreement called?

(a) Reciprocity

(b) Mutual recognition

(c) Cooperative licensure

(d) Intrastate licensing

Answer:

B, Mutual recognition

Explanation:

Mutual recognition agreement is an agreement that exists between two or more governments that has all parties agree to recognize each other's assessment results.

As regards the state of Florida in the question, it has mutual recognition agreements with other state(s) in the the area of education and licensing.This means that Florida state has a the process if licensing a real estate agent.

Cheers.

6 0
3 years ago
Chubbs Inc.’s manufacturing overhead budget for the first quarter of 2017 contained the following data.
r-ruslan [8.4K]

Explanation:

a. Manufacturing overhead Flexible budget report

                                Budget      Actual      Favorable (Unfavorable)

Variable cost          

Indirect material      $11,100      $14,900     $3,800  U

Indirect labor           $11,000     $9,600      $1,400   F

Utilities                     $7,700      $9,100       $1,400   U

Maintenance            $5,500     $4,800      $700     F

Total Variable cost  $35,300    $38,400    $3,100  U

Fixed expenses

Supervisory Salary    $36,700   $36,700     0

Depreciation              $6,100       $6,100      0

Property, taxes          $7,400       $8,500    $1,100    U

Maintenance              $4,900      $4,900     0            U

Total fixed expense  $55,100     $56,200  $1,100    U

Total controllable

cost                             $90,400    $94,600   $4,200 U

b.          Manufacturing overhead Responsibility report

Controllable cost     Budget      Actual      Favorable (Unfavorable)

Indirect material      $11,100      $14,900     $3,800  U

Indirect labor           $11,000     $9,600      $1,400   F

Utilities                     $7,700      $9,100       $1,400   U

Maintenance            $10,400    $9,700      $700      F

Supervisory salaries$36,700   $36,700     0

Total                          $76,900   $80,000    $3,100  U

8 0
3 years ago
Besides location and length what would you say marks the major difference between the hanseatic and venetian trade routes
alexgriva [62]
The answer to this question is <span>The people who created and are traveling through the routes. The Hanseatic route was really famous to be passed by the people in Germany, while the Venetian trade route was really famous to be passed by the people in Italy (Especially Italian maritime republics  such as Genoa and Venice)</span>
3 0
3 years ago
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