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Mila [183]
3 years ago
14

IE 8-2 ... AS/AD Model – Suppose this economy was initially at Full Employment, but then experienced two large LEFT shifts of

AD. If the Price Level declines to $1.90, then Real Production GDP will have fallen to $4000 b and ______ people will have lost their jobs. In the Business Cycle the economy will have moved from Point "x" to Point _________ ..
Business
1 answer:
Galina-37 [17]3 years ago
6 0

Answer:

10 million people. Point "t".

Explanation:

This analysis can simply be referred to as a severe recession which is also known as depression. It is defined as a condition whereby Gross Domestic Product is down by approximately 10% and there is about three to four years recession. Based on the above definition and the analysis given in the question, the situation is similar to a depression. Thus, the number of people that would have lost their jobs is 10 million and there is an adjustment from the "x" to "t".

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Answer:

The answer is below

Explanation:

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An economic model is useful only if it: ______________
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Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment). The company prepares a
Alina [70]

Answer:

d. Debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200

Explanation:

allowance balance                           2,300 debit

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adjustment needed                         34,200 credit

We need to adjust the allowance to our estimated uncollectible account. Currently, it has 2,300 debit balance. We need to increase it to 31,900

If we think it in two steps:

We need to credit by 2,300 to have zero balance,

and then 31,900 to reach the expected uncollectible amount

in total a credit for 34,200 needs to be done

<u>The adjusting entry will be:</u>

bad debt expense                       34,200 debit

allowance for doubtful accounts                        34,200 credit

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