Property, liability, and life.
The correct answer would be C. Companies that manufacture identical items through a series of uniform production steps use a process costing system to determine cost per unit sold. It is a operation costing where in every process the product goes a certain cost is being ascertained to determine the final cost of the whole production.
Answer:
(a) 2
(b) $10 trillion
(c) $0.4 trillion
Explanation:
Given that,
Quantity of money = $5 trillion
Real GDP = $10 trillion
Price level = 0.9
Real interest rate = 3 percent
Nominal interest rate = 7 percent
Nominal interest rate = Real interest rate + Inflation rate
7% = 3% + Inflation rate
4% = Inflation rate
Velocity of circulation:
= GDP ÷ Total money supply
= ($10 × 1) ÷ $5
= 2
M × V = $5 trillion × 2
= $10 trillion
Nominal GDP = Real GDP × Inflation
= $10 trillion × 4%
= $0.4 trillion
Some goods are not readily available at the market, If a shortage exists, consumers are unhappy.
<h3>What is market shortage?</h3>
Shortage occurs when the demand for a product or service exceeds the available supply. This can make the consumer go for alternatives or buy at a higher price.
Therefore, If a shortage exists, consumers who are unhappy about not being able to purchase the products or services they want will tend to bid the prices higher, moving the market toward equilibrium.
Learn more on market shortage from
brainly.com/question/7068977
