Answer:
B. False
Explanation:
In a sealed bidding, bidders have no opportunity to discuss/negotiate. They just present an offer adjusted to the terms of the requirer of the good or service that is submitted to bidding.
Answer:
False
Explanation:
The formula for equivalent units units as follows:
Opening Work in Process + Equivalent units on which the work is done - Closing Work in process = Units Transferred
Therefore, ideally,
Opening work in process - Closing work in process = Units transferred - Equivalent units on which work is done.
As adding all the cost incurred during the period to opening inventory of work in process, we get the total cost for the period, thereafter, deducting the cost allocated to closing work in process we get the value of goods produced and transferred.
<u>Therefore, above statement is false.</u>
Answer:
adding up consumption, investment, government expenses, and net exports
adding up the market prices of final goods and services produced in the U.S
adding up the incomes of producers and taxes paid to the government
Explanation:
GDP is a measure of the sum value of a country's output in a given period. The GDP value reflects economic growth or decline in a country for the period under review.
GDP is calculated using three methods. They include the income, production, and expenditure approach.
In the Income approach, economists add up all the earnings from the factors of production. Wages and salaries of all employees; the profits from businesses and corporates' ; rents, and interests form landlords are summed up to get GDP. Adjustments are made to cater for the taxes paid to the relevant government agencies. ( 4th option)
The production approach involves getting the value of all the finished consumer goods and services in the economy. The approach excludes intermediary goods and work-n progress. GDP is obtained by adding the total of the finished products and services and multiplying them by their prices. (3rd option)
The consumption option applies a formula that GDP = C+G+I+ NX, where C is private consumption expenditure, G is government consumption and investment expenditure, and I in private investment expenditure. NX is the net imports. ( 1 st option )
Answer:
Need
Explanation:
Oil is a need for heating homes, running cars and factories + much more! It can be wasted by over-use, unnecessary usage and pollution
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