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Scrat [10]
3 years ago
10

Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry abou

t trade with other countries.
Total spending for the federal government of Lilliput for the last fiscal year was $1.06 billion. The country collected $1.05 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance? In the last fiscal year, Lilliput was running:______.
a. a budget surplus.
b. a balanced budget.
c. a budget deficit.
Business
1 answer:
sashaice [31]3 years ago
8 0

Answer: budget deficit

Explanation:

From the question, we are informed that the total spending for the federal government of Lilliput for the last fiscal year was $1.06 billion and that the country collected $1.05 billion in taxes during this same fiscal year.

Since the expenditure of $1.06 billion is more than the revenue of $1.05 billion, this show that there was a budget deficit.

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Management Information System (MIS)

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4 years ago
Boston, Inc. applies manufacturing overhead at the rate of $40 per machine hour. Budgeted machine hours for the current period w
Luda [366]

Answer:

$580,000 underapplied

Explanation:

The computation of the ending overhead is shown below:

The applied overhead is

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5 0
3 years ago
Classify each of the following items as a final good or service or an intermediate good or​ service, and identify which is a com
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Answer:

A. Airline ticket is bought by a student.  FINAL SERVICE THAT INCREASES PRIVATE CONSUMPTION

B. New airplanes bought by Southwest Airlines.  FINAL GOODS THAT INCREASE PRIVATE INVESTMENT

C. Cheese bought by Domino's.  INTERMEDIATE GOODS THAT ARE NOT INCLUDED IN THE GDP

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3 0
3 years ago
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Answer:

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Having an entrepreneurial mindset will encourage creativity. If you’re open to innovation and willing to take risks, you’ll be more likely to think outside the box. If something isn’t working well, there may be more than one fix, and you shouldn’t always fall back on the simplest or safest method. Critical thinking is the key to a successful business, and being willing to find creative solutions even if it might mean more work will help your business greatly in the long run.

7 0
3 years ago
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