Answer:
a) differences in scientific judgments.
b) Tariffs and import quotas generally reduce economic welfare.
Explanation:
Manuel is an economist who believes in classical approach of economy whereas Poornima is an economist who believes in Keynesian approach.
The Classical economics supports the idea of law and quantity theory of money. The Classical economist believes that economy is capable to achieve its natural level of real GDP by using available resources. Classical theory focuses on monetary policy to manage its money supply in an economy.
Keynesian economic theory states that government should boost demand to increase the growth. This theory believes in expansionary fiscal policy.
Manuel and Poornima disagree due to difference in their scientific judgment. They are arguing over the type of policy need to keep the economy running smoothly.
The Import and Tariffs quotas generally reduce the economic welfare. Most of the economist agrees to this proposition. Tariffs when increased then economic growth of a country slows down.
<span>a business incubator----------------</span>
Answer: Income is higher under absorption costing by $15,000. This is consistent with a general rule of thumb: Increases in inventory cause income to be higher under absorption costing than under variable costing, and vice versa.
Explanation:
Answer:
Federal funds.
Explanation:
The Federal Reserve System (the 'Fed) was created by the Federal Reserve Act, passed by Congress in 1913. The Fed began operations in 1914. It was founded by President Woodrow Wilson under the Federal Reserve Act, which was aimed at backing each banks in order to put a definitive end to the bank panics of the 1800s.
Like all central banks, the Federal Reserve is a government agency that is saddled with the following responsibilities;
- Controlling the issuance of currency in United States of America (it promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets).
- Providing banking services to all the commercial banks in the country (the Federal Reserve is the "lender of last resort).
- Regulating banking activities (it has the power to supervise and regulate banks).
When a bank has excess reserves and the bank loans those excess reserves to other banks that need to borrow to meet their reserve requirements, the excess reserves that are loaned are called federal funds.
Answer:
Option (b) is correct.
Explanation:
Correct amount of inventory to be reported:
Amount of inventory as per physical verification = $320,000
Cost of goods under consignment to Herschel Corporation = $47,000
Value of inventory to be reported:
= Amount of inventory as per physical verification + Cost of goods under consignment to Herschel Corporation
= $320,000 + $47,000
= $367,000
