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Contact [7]
3 years ago
6

According to the textbook, government price controls fail because: A. they are not enforced. B. legislation cannot repeal basic

economic motives. C. bureaucrats lack accurate market data. D. firms ignore the restrictions.
Business
1 answer:
Morgarella [4.7K]3 years ago
4 0

Answer:

The correct answer is letter "B": legislation cannot repeal basic economic motives.

Explanation:

Government price controls are regulations imposed by the central government of a country to set limits on prices of certain goods or services because of a surplus, shortage or simply to maintain the demand and supply of those products at their equilibrium level.  

However, the demand for some of those products could be unpredictable because individuals could react in opposite directions even if the government has set rules against consumers' favor. <em>Customers' motives might not be always repealed by legislation</em>.

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3 years ago
g Haack Inc. is a merchandising company. Last month the company's cost of goods sold was $84,000. The company's beginning mercha
Mrac [35]

Answer:

Cost of goods purchased= $82,000

Explanation:

Giving the following information:

Last month the company's cost of goods sold was $84,000. The company's beginning merchandise inventory was $20,000 and its ending merchandise inventory was $18,000.

We know that:

Cost of goods purchased= cost of goods sold + ending inventory - beginning inventory

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3 years ago
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Which statement regarding wage earning employees is true?
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Answer:

A.)wage-earning employees receive pay based on the number of hours worked

Explanation:

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2 years ago
Greese Company purchased office supplies costing $4,000 and debited Supplies for the full amount. At the end of the accounting p
tiny-mole [99]

Answer:

D) debit Supplies, $1,500; credit Supplies Expense, $1,500.

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The first journal entry was:

Dr Supplies expense 4,000

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If at the end of the year the supplies inventory equals $1,500, then the supplies expense must decrease. Expenses have a debit balance, if we want to decrease them, we must credit them.

The adjusting entry would be:

Dr Supplies 1,500

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This way the supplies account (asset) increases, while the expenses decrease.

6 0
3 years ago
Michelle operates a food truck. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction
Montano1993 [528]

Answer:

a. Michelle moves her food truck between various locations on a daily rotation. Last week, Michelle was stopped for speeding. She paid a fine of $240 for speeding, including $195 for legal advice in connection with the ticket.

Deductible amount $195

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3 years ago
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