All categories

4 years ago

All goods and services are scarce because

2 answers:

8 0

Goods and services are scare because the resources required to produce these goods and services are limited in supply and that is why we can't fulfill all the wants of the people, which results in Scarcity to arise. In economics the basic economic problem arises because resources are limited and wants are unlimited and therefore everyone cannot have what they need and that is why we have a connection with opportunity cost. We need to sacrifice or forego the items we can't have and therefore with the economic problem of scarcity, opportunity cost arises. If we can satisfy everyone's wants, then there is no question about having scarce resources.

tino4ka555 [31]4 years ago

3 0

All goods and services are scarce because resources are limited. People needs to balance everything. They should weigh needs and wants.

You might be interested in

From a Keynesian perspective, the way out of a recession includes an increase in government spending, a tax cut, or an increase

PIT_PIT [208]

The answer is true.

Keynesian contend that because prices are fairly rigid, changes in any aspect of spending including government, consumer, or investment spending can produce changes in output.

For instance, the output will grow if government expenditure rises while all other spending factors stay the same.

The so-called multiplier effect, which is when output grows by a multiple of the initial shift in spending that created it, is also included in Keynesian models of economic activity.

Therefore, a ten billion dollar increase in government spending might result in a fifteen billion dollar increase in total production (a multiplier of 1.5) or a five billion dollar increase (a multiplier of 0.5).

Hence, from a Keynesian perspective, the way out of a recession includes an increase in government spending, a tax cut, or an increase in transfer payments.

Learn more about Keynesian:

brainly.com/question/17292188

#SPJ4

4 0

2 years ago

g Westvaco Inc. manufactures two different sizes of monitors: small and large. Currently, its total manufacturing overhead cost

umka2103 [35]

Answer:

Allocated overhead= $30,000

Explanation:

<h3>First, we need to calculate the plantwide predetermined overhead rate:</h3>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 80,000/16,000

Predetermined manufacturing overhead rate= $5 per direct labor hour

Now, we can allocate overhead to Small Monitors:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Small Monitors:

Allocated overhead= 5*6,000= $30,000

5 0

3 years ago

Nelter Corporation, which has only one product, has provided the following data concerning its most recent month of operations:S

Gnesinka [82]

Answer:

Part a

Nelter Corporation

Contribution format income statement for the month using variable costing

Sales ($ 122 x 6,590) $803,980

Less Cost of Goods Sold

Beginning Inventory $20,300

Add Cost of Goods Manufactured $462,000

Less Ending Inventory ($21,000) ($461,300)

Contribution $342,680

Less Expenses

Selling and administrative expense :

Variable ($21 x 6,590) $138,390

Fixed $46,130

Fixed manufacturing overhead $ 151,800 ($336,320)

Net Income (Loss) $6,360

Part b

Nelter Corporation

Income statement for the month using absorption costing

Sales ($ 122 x 6,590) $803,980

Less Cost of Goods Sold

Beginning Inventory $26,970

Add Cost of Goods Manufactured $613,800

Less Ending Inventory ($27,900) ($612,870)

Gross Profit $191,110

Less Expenses

Selling and administrative expense :

Variable ($21 x 6,590) $138,390

Fixed $46,130 ($184,520)

Net Income (Loss) $6,590

Explanation:

Variable Costing Calculations

Unit Product Cost = Variable Manufacturing Costs

= $ 42 + $ 26 + $ 2

= $ 70

Cost of Goods Manufactured = 6,600 x $ 70 = $462,000

Opening Inventory = 290 x $ 70 = $20,300

Ending Inventory = 300 x $70 = $21,000

Absorption Costing Calculations

Unit Product Cost = Variable Manufacturing Costs

= $ 42 + $ 26 + $ 2 + ($ 151,800 ÷ 6,600)

= $ 42 + $ 26 + $ 2 + $23

= $93

Cost of Goods Manufactured = 6,600 x $93 = $613,800

Opening Inventory = 290 x $93 = $26,970

Ending Inventory = 300 x $93 = $27,900

4 0

3 years ago

Bonita Company sells merchandise on account for $7800 to Carla Vista Company with credit terms of 2/10, n/30. Block Company retu

pantera1 [17]

Answer:

5,900

Explanation:

multiply them

5 0

4 years ago

g On January 1, a machine with a useful life of four years and a salvage value of $13000 was purchased for $77000. What is the d

Aleonysh [2.5K]

Answer:

Annual depreciation= $16,000

Explanation:

Giving the following information:

Purchase price= $77,000

Useful life= 4 years

Salvage value= $13,000

Under the straight-line method, the depreciation expense remains constant during the life of the asset.

To calculate the depreciation expense, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (77,000 - 13,000) / 4

Annual depreciation= $16,000

3 0

3 years ago