Answer:
The correct answer is d. Different economic models employ different sets of assumptions.
Explanation:
To approach the study of economic reality it is necessary, in some way, to simplify it; keep certain variables under control. Precisely for this, it is that economic models are built.
Economic models are built on principles of departure, called "assumptions." Such assumptions fulfill the same role as the postulates in geometry. That is:
- They are not subject to deduction from other more basic principles.
- They are "reasonably" true but not necessarily verifiable.
- They function as premises in the logical structure to deduce the conclusions and correlations found in the lowest levels of generality.
We can say then, that the theoretical explanations refer to invisible "relationships", whose existence is proposed by the theory, and whose implications are logically deduced, and then corroborated by observations. They consist of:
- Assumptions (eg subjects want to maximize their earnings).
- Relevant variables (eg price and quantity).
- Binding hypothesis (eg quantity demanded based on price).
- Conclusions or predictions of observable facts (eg prices will rise).
Answer:
d. $1,200
Explanation:
The computation of the interest expense is shown below:
= Principal × rate of interest × number of days ÷ (total number of days in a year)
= $80,000× 6% × (90 days ÷ 360 days)
= $1,200
We simply apply the simple interest formula
Since the number of days and the total number of days are given so we considered the same for the computation part.
Answer: Factory overhead control
Explanation: Factory overhead is the account where the amount of cost incurred while manufacturing a product is recorded and no direct labour or material is recorded. When the manufactured goods are finished and produced they are recorded as expenses when the goods are sold as manufactured finished products.
All the expenses related to the factory are included in this account such as rent, utility, electricity, supplies, tools. Factory overhead is known as manufacturing burden or expenses.
Answer:
Technology has made our lives simpler and easy. With the help of technology we can stay connected even if we live miles away from our close ones. But on the other hand it also separates us from the real world.
There are pros and cons of everything and technology can also be said as curse and boon for our society. Excessive use of anything can be harmful. With the increasing technological advancement there is increase in crimes as well.
