All categories

3 years ago

Suppose workers notice a fall in their nominal wage but are slow to notice that the price 0fthings (actual

Business

1 answer:

trapecia [35]3 years ago

4 0

Answer:

Temporarily low and so supply a smaller quantity of labor.

Explanation:

Because workers see that their nominal wages are falling, but they fail to see that the price level of goods and services also has fallen by the same percentage (meaning that their real wage has not fallen, but stayed the same), they will likely believe that the reward for their labor is less, so they will have less incentive to work, supplying a smaller quantity of their labor force in the process.

You might be interested in

Bob is a minor and buys a BMW, from ABC BMW when he is 16 years old. His parents do not cosign. He signs a financing arrangement

Sav [38]

Answer:

It is too late for him to dis-affirmed the contract.

Explanation:

Contract is the legal binding agreement document between two parties for them to obey any given conditions specified in the document. <em>In the case of Bob, despite the fact that he was a minor, his signature on the BMW contract shows that it is binding between ABC Motors and him.</em>

<em>The motor company might not be aware of his legal age which shows he is a minor before entering the agreement with him. It is expected that, he should honor his contract to the latter.</em>

6 0

3 years ago

During April, the first production department of a process manufacturing system completed its work on 300,000 units of a product

velikii [3]

Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

Equivalent Units of Production-FIFO Method

Particular units Material (%) Conversion (%) Material EUP Conversion EUP

Completed periods of beginning units 60,000 0.40 0.60 24,000 36,000

Started and completed units 240,000 100 100 240,000 240,000

Ending work in process units 82,000 0.80 0.30 65,600 24,600

Equivalent units of production 382,000 329,600 300,600

Particular Material cost Conversion cost

Total cost incurred $850,368 $649,296

Equivalent units of production 329,600 300,600

Cost per unit of production $2.58 $2.16

($850,368 ÷ 329,600) ($649,296 ÷ 300,600)

Total Costs for Accounts

Particular Amount ($)

Beginning period-conversion cost 48,594

Beginning period-Direct material cost 118,472

Current period-conversion cost 649,296

Current period-Direct material cost 850,368

Total costs for accounts 1,666,730

Assignment and Reconciliation Cost

Particular Per EUP cost ($) × Equivalent unit of production Total cost ($) Total amount ($)

Opening Inventory 167,066

To complete conversion 2.16 × 36,000 77,760

To complete materials 2.58 × 24,000 61,920

Complete units total cost +139,680

Total cost of 60,000 unit in opening inventory 306,746

Direct material cost 2.58 × 240,000 619,200

Conversion cost 2.16 × 240,000 518,400

Started and completed 240,000 units total cost +1,137,600

Transferred out Total cost of 300,000 units 1,444,346

Direct material cost 2.58 × 65,600 169,248

Conversion cost 2.16 × 24,600 53,136

In closing inventory Total cost of 82,000 units +222,384

Total assigned cost 16,66,730

6 0

3 years ago

When real GDP grows more slowly than potential GDP, labor productivity falls. the unemployment rate rises. nominal GDP rises. th

valentina_108 [34]

Answer:

the unemployment rate rises.

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Potential GDP is the GDP of an economy when labour and capital are employed at their sustainable rate.

Real GDP has been adjusted for inflation. It reflects the value of goods and services produced in an economy.

When the real GDP of an economy grows more slowly than potential GDP, it means that the resources in the economy, labour and capital are not employed at their sustainable rate. This is referred to as output gap. As a result of the output gap, the unemployment level rises

3 0

3 years ago

On December 31, the balance in the office supplies account is $1,385. A physical count shows $435 worth of supplies on hand. Pre

deff fn [24]

Answer:

Supplies Expense $ 950 Dr.

Supplies Account $ 950 Cr

To record supplies used .

Explanation:

Supplies are assets until they are used. When they are used up their costs are reported as expenses. The cost of unused supplies are recorded in a supplies asset account.

The entry above shows that supplies of $ 950 have been used up during the accounting period from the amount of $ 1385 leaving supplies of $ 435.

Not making an adjustment entry on 31 Dec would underestimate expenses and overstate net income.

7 0

3 years ago

John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013

jolli1 [7]

Answer:

Explanation:

The journal entries are shown below:

1. Purchase A/c Dr $5,400

To Accounts Payable $5,400

(Being merchandise is purchased on credit)

2. Freight-In A/c Dr $500

To Cash A/c $500

(Being freight charges are paid in cash)

3. Accounts Payable A/c Dr $800

To Purchase Returns A/c $800

(Being return merchandise is recorded)

4. Cash A/c Dr $5600

To Sales revenue A/c $5600

(Being merchandise is sold for cash)

5. No journal entry required

6 0

3 years ago