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3 years ago

An inferior good is Multiple Choice

Business

2 answers:

stealth61 [152]3 years ago

4 0

Answer:

B. not accurately defined by any of these statements.

Explanation:

An inferior good is defined as one whose the quantity demanded decreases as the income of its consumers increases and vice versa.

Option A is incorrect because the income elasticity for inferior goods is negative and therefore, as the income of the consumers increases, the demand curve shifts to the left.

Option C is incorrect because an inferior good does not necessarily mean a fake good. A good can be inferior but yet meet all the standards for approval by the FDA.

Option D is incorrect. The price and quantity demand for inferior goods, just like normal goods do not vary directly. This is only applicable to luxurious goods.

None of the statements in A, C, and D accurately defined an inferior goods.

Hence, the correct option is B.

Talja [164]3 years ago

3 0

Answer:

B. not accurately defined by any of these statements.

Explanation:

Inferior goods are goods whose demand decreases as the consumers income increases. This is different for normal goods in that the more the consumer earns, the more he/she tends to buy.

As such, inferior goods are not necessarily goods that has not been approved by the Federal Food and Drug Administration.

For Inferior goods, prices and quantity demanded do not vary proportionately.

Furthermore, the demand curve for an inferior good shifts out (rightward) when income decreases and shifts in when income increases.

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Cost of Goods Manufactured for a Manufacturing Company

aniked [119]

Answer:

Cost of goods manufactured $ 2567,400

Explanation:

Ethtridge Manufacturing Company

Statement of Cost of Goods Manufactured

For the Month Ended July 31

Direct materials $1,150,000

Direct labor 966,000

Total factory overhead 490,500

Total manufacturing costs $ 2606500

Add July 1 Work in process inventory, 316,400

Cost of Goods Available for manufacture $ 2922,900

Less July 31 Work in process inventory, 355,500

Cost of goods manufactured $ 2567,400

When we add the direct materials. direct labor and FOH we get the total manufacturing costs .

When the total manufacturing costs are added to the opening work in process inventory we get the cost of goods available for manufacture and we get the cost of goods manufactured by subtracting the ending work in process inventory from the cost of goods available for manufacture.

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3 years ago

If an organization under a compliance law is not in compliance, how critical is it for your organization to mitigate this noncom

serg [7]

Answer:

It is a very critical factor for companies to comply with what the Occupational Risk Prevention law says. Companies are responsible for achieving a safe work environment, and all the sanctions will fall on them if they fail to comply with appropriate security measures, such as an economic, criminal or civil sanction, depending on each situation

Explanation:

The Law on Occupational Risk Prevention aims to guarantee safety and health in the workplace, by complying with certain labor measures. The worker can have a civil responsibility in case of not acting correctly, and will have to answer for it legally if it causes damage to third parties. However, it is finally the company that must respond even when workers cease to comply with their safety obligations.

A good prevention reduces the risk of endangering the integrity of workers. On the other hand, there are various sanctions against companies that do not comply with these measures, the most important is the economic damage, which should be avoided. In more serious cases, criminal or civil liability could also exist, but it would depend on the situation

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3 years ago

Amex Corporation invests excess cash to purchase $25,000 in corporate bonds on March 30, 2018. In addition to the $25,000, Amex

damaskus [11]

Answer:

b. a debit to Held-to-Maturity Debt Investments for $26,000

Explanation:

Investment in corporate bonds is considered as Held-to-Maturity Debt investments.

Date Accounts Title and Explanation Debit Credit

30 Mar 18 Held-to-Maturity Debt investments $26,000

[$25,000 + $1,000)

Cash $26,000

(To record an investment in bonds)

Therefore, in the journal entry, it is debited to Held-to-Maturity Debt investments for $26,000

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3 years ago

What is a person who has agreed to work for another for a limited period, often in return for travel expenses, shelter, and sust

Reil [10]

An indentured servant is a person who has agreed to work for another for a limited period, often in return for travel expenses, nominal food, shelter, and sustenance

A person who has contracted to work for another for a limited period, often in return for shelter, travel expenses, and sustenance is called an indentured servant. Those who contracted the indentured servants don’t pay them. Instead of payment, they offered shelter, nominal foods, boarding, travel expenses, and received passage to colonies in exchange for their labor. Indentured servants are bound to work with the contractor for a specified time.

Usually, the duties of indentured servants worked as cooks, field workers, housekeepers, or general laborers. While the more specific skills of indentured servants are plastering, blacksmithing, and bricklaying, which they later turned into careers later.

You can learn more about indentured servant at brainly.com/question/1278960

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1 year ago

Cost outlays are recorded as an expense when they are incurred to earn revenue in the _______________ accounting period

Deffense [45]

Answer:

Present

Explanation:

An outlay cost is a cost incurred at the time when we have to execute the strategy or purchasing an asset. It can be paid to the vendors for purchasing the goods like for inventory. So this cost should be recognized as an expense when they are incurred in order to earn the revenue in the current or present accounting period

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3 years ago