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DENIUS [597]
3 years ago
5

Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transacti

ons and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.
a. The Brazilian wood that is used for flooring in a new U.S. house Federal government paychecks to soldiers.
b. The costs of overfishing and other overly intensive uses of resources.
c. The value of baby-sitting services, when the babysitter is paid in cash and the transaction isn't reported to the government.
d. The leisure time enjoyed by Americans
Business
1 answer:
snow_tiger [21]3 years ago
6 0

Answer:

The following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States

B) The costs of overfishing and other overly intensive uses of resources.

C) The value of baby-sitting services, when the babysitter is paid in cash and the transaction isn't reported to the government.

D) The leisure time enjoyed by Americans

Explanation:

GDP is a tool that is used to measure a nation's economic performance, However, it has limitations due to its exclusion of non-market transactions.

  1. The limitations identified can be summarized as:
  2. GDP does not incorporate any measures of welfare.
  3. GDP only includes market transactions.
  4. GDP does not describe income distribution.
  5. GDP does not describe what is being produced.
  6. GDP ignores externalities.

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The bank received and accepted a payment worth $7,200 from a customer on the company’s behalf. Which journal entry adjustment sh
Oliga [24]

Answer:

A. Accounts receivable will be debited by $7,200.

Explanation:

Accounts receivable is the payments that customers owe to a business. It arises when a business sells goods to customers of credit. Accounts receivables are current assets as they represent money that the business expects to receive in the short term.

Recording the transaction for accounts receivable follows the principle for recording assets transactions.  An increase in assets is debited. The accountant will debit accounts receivable by an amount of $7200.

7 0
3 years ago
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Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liabil
aksik [14]

Answer:

Limited liability partnership (LLP) / limited liability company (LLC)

Explanation:

Limited liability partnership and limited liability companies work very similarly and their main characteristics are:

  1. they are separate legal entities, this means that their owners are separate from them.
  2. since they are separate legal entities, the owners have limited liability
  3. they are not taxed directly, they act as pass through entities and their owner's pay income taxes
  4. they both need to be incorporated by the state government as distinct legal entities

5 0
2 years ago
What is the term for when businesses produce goods and services that consumers do not want​
tino4ka555 [31]

Answer:

Productive (technical) inefficiency.

Explanation:

A market failure can be defined as a situation in which the market fails to produce an efficient level of productivity or output that is required to meet consumer demand.

This ultimately implies that, a market failure arises when there is inefficiency in the distribution or allocation of goods and services in a free market.

In Economics, there are two types of inefficiency associated with the production of goods and services, these includes;

1. Allocative inefficiency: it occurs when businesses do not maximise output from the given inputs. Thus, it arises when businesses fail to increase the level of their production or productivity from a number of given inputs.

In conclusion, allocative inefficiency typically occurs when the price of a good or service isn't equal to its marginal cost i.e P ≠ MC.

2. Productive (technical) inefficiency: it occurs when businesses produce goods and services that consumers do not want.​ This is typically as a result of the incorrect and inefficient allocation of scarce resources by a business firm or entity.

4 0
2 years ago
A father and his son are celebrating the father's 75th birthday. Drink for drink, who will most likely have a higher BAC ?
Temka [501]
The one who will most likely have a higher BAC is the father because a person who is older will most likely have the higher BAC, as the father is already seventy five and much older to his son, he will be therefore have a higher BAC compared to his son.
4 0
2 years ago
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Parker Industries is a small company with a big name! Parker Industries is actually a one-person company that imports strands of
Tamiku [17]

Answer:

Total fixed costs= $150

Explanation:

Giving the following information:

Parker's only overhead is a storage unit for the inventory that costs $125 a month and a $25 monthly fee for website hosting.

<u>A cost is categorized as fixed because it does not vary with production (in relevant ranges).</u>

In this case, the only two cost that is fixed is the storage and website hosting.

Total fixed costs= 125 + 25= $150

7 0
3 years ago
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