in a traditional economy resources are controlled by the people resources are used in their natural state
<h3>What is a traditional economy?</h3>
A traditional economy can be described as a kind of economic system whereby the traditions as well as the customs, and beliefs is been used in shaping the goods as well as the services of the economy produces, in the manner of their distribution.
In this case, it should be noted that Countries that use this type of economic system are often rural and farm-based, hence traditional economy resources are controlled by the people resources are used in their natural state
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Option C
Total change in real GDP due to an autonomous change in aggregate spending AND the size of the autonomous change in aggregate spending is the ratio between multiplier
<h3><u>
Explanation:</u></h3>
The expenditures multiplier estimates the variation in aggregate production triggered by variations in an item of autonomous expenditure. The expenditures multiplier is the ratio of the difference in aggregate composition to an autonomous transformation in an aggregate expenditure when using is the unique provoked expenditure.
This multiplier is as manageable as it gets while taking the fundamentals of the multiplier. Autonomous investment triggers the multiplier method and induced consumption affords the cumulatively strengthening communication among the destruction, aggregate production, factor payments, and income.
Answer:
1. The fixed portion of the predetermined overhead rate for the year is $10,000 per direct labor hour.
2. The fixed overhead budget variance is $4,000 unfavourable and the fixed overhead volume variance is $10,000 favourable.
Explanation:
In order to calculate the the fixed portion of the predetermined overhead rate for the year we would have to use the following formula:
predetermined overhead rate for the year=<u>Total fixed overhead cost year</u>
Budgeted direct labor-hours
=$ 250,000/25,000
=$10,000
1. The fixed portion of the predetermined overhead rate for the year is $10,000 per direct labor hour.
In order to calculate the fixed overhead budget variance, we use the following formula:
2. fixed overhead budget variance=Actual fixed overhead cost for the year- budgeted fixed overhead cost for the year
=$ 254,000-$ 250,000
=$4,000 unfavourable
In order to calculate the fixed overhead volume variance, we use the following formula:
fixed overhead volume variance=budgeted fixed overhead cost for the year-fixed overhead appliead to work in process
=$ 250,000-(26,000×10)
=$10,000 favourable
Agriculture - This economic activity is ubiquitous in both traditional and modern markets. Since the Neolithic period, humans have domesticated different crops and animals for human consumption. However, in traditional economies, agriculture is less mechanized than in modern markets. Nevertheless, the basic production of crops and animals in traditional markets is fundamentally the same as mechanized production of the same in modern markets.
