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castortr0y [4]
3 years ago
9

What components of GDP (if any) would each of the following transactions affect? Explain. Remember Y=C(Y-T)+I(R)+G+X-M a. A fami

ly buys a new refrigerator. (Consumption expenditure includes durable and nondurable goods)
Business
1 answer:
horsena [70]3 years ago
4 0

Answer:

A. The household purchase of a new refrigerator will directly lead to an increase in the consumption component of the Gross Domestic Product (GDP). Therefore, the GDP will increase by the amount of refrigerator purchased

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A deadweight loss is a consequence of a tax on a good because the tax a. induces the government to increase its expenditures. b.
zalisa [80]

Answer:

B) induces buyers to consume less, and sellers to produce less.

Explanation:

Taxes are a necessary evil since they always increase the price of the goods and services that consumers buy and decrease the amount of money that producers receive from selling their goods and services. But taxes are necessary and unavoidable.

But once a market assumes all the effects of existing taxes it reaches an equilibrium price that both consumers and producers are satisfied with. If a new tax is levied than the deadweight losses are greater since consumer surplus and producer surplus are both reduced. This will lead to a reduction in the incentive that both consumers and producers have to engage in transactions. Many times consumers will substitute heavily taxed goods for other goods since they feel they are getting more from consuming those goods (consumer surplus). The same happens to producers, many producers will change their heavily taxed goods for other goods.

If the price elasticity of demand or supply of a certain good is large (elastic demand and supply), the deadweight loss will be greater.

7 0
3 years ago
Why do most economists believe that it is important for a country’s central bank be independent of the rest of the country’s cen
ohaa [14]

Answer:

For economists is important to avoid political interferance in the monetary policy. Populist governments often use the creation of money to justify their political programs, causing inflation and distortions on the market.

In the last report of FOMC is highlighted the behaviour of market labour and the lower expectations of inflation.

Explanation:

There are two tools commonly used in political economy to finance government programs: taxation and paper currency print. When the central bank is not independent, the government has an incentive to print money to fund their programs, causing inflation. In economic science has been demonstrated that inflation is always caused by monetary phenomena.

5 0
3 years ago
Choosing a car that costs __________ instead of a car that costs __________ means that you'll have less money available for othe
Savatey [412]

Answer: A. $8000; $7000

Explanation: If they spend more money, they will have less money for other purchases.

8 0
3 years ago
On March 8, Monty Candy Company bought supplies on account from the Arcade Fire Company for $664. Monty Candy Company incorrectl
GalinKa [24]

Answer:

Correcting Entry

March 8         Dr.       Cr.

Supplies     $664

Equipment             $600

Account Payable   $64

Explanation:

Entry Should be

March 8         Dr.       Cr.

Supplies     $664

Account Payable  $664

Entry Recorded

March 8         Dr.       Cr.

Equipment  $600

Account Payable  $600

Firs error is amount recorded as $600 rather $664 and the second is account of equipment debited rather the account of Supplies Inventory.

3 0
3 years ago
Kandew Electronics requires all employees who work as research specialists in its electrical engineering department to have a mi
Gemiola [76]

Option D, The given educational requirement would most likely be stated in the job specification  for this position.

<u>Explanation: </u>

A job description is a written account that specifies the duties and obligations of a work, or other related functions.

A written statement of requirements for jobs, professional training, experience level, physical, mental, technological and interpersonal skills required to carry out employment, activities involved in a job and other unique sensory demands is also known as workplace criteria.

The criterion for an applicant is a definition of abilities, expertise, experience, knowledge and other qualities that a candidate will obtain (selection criteria) in order to fulfill the tasks. The definition of the work should be extracted and the basis for the hiring process.

4 0
3 years ago
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