Answer:
The answer is option C. car owners wanting car repairs and supply represented by automotive and glass repair and replacement companies.
Explanation:
After earthquakes hit the California coast and damaged tens of thousands of cars, there was a growing demand and need for automotive repair, glass replacement, dent repair and repainting.
Demand is a good or service that consumers are willing and able to purchase at various prices during a given period of time.
In this situation, the car owners are wanting car repairs will be willing to purchase glass and other damaged parts of the car, as well as pay for the services of repairs.
While the automotive and glass repair and replacement companies will handle the supplies and repairs.
Answer: $6
Explanation:
Total production of oranges= 4
Total production of candy bars=10
Each orange sells for=$0.25
Total market value of orange production=price × quantity
=$0.25×4
=$1
Each candy bar sells for= $0.50
Total market value of candy bar production=price of candy bar × quantity of candy bar
=$0.50 × 10
=$5
The economy produces oranges and candy bars.
The total market value of production in the economy= Total market value of Orange production + Total market value of candy bar production
=$1 + $5
=$6
Answer:
$52,000
Explanation:
Net income under variable costing considers only variable cost, while net income under absorption costing considers both variable and fixed cost. Therefore, we have:
Total beginning fixed overhead = 400 × $10 = $4,000
Total ending fixed overhead = 500 × $12 =$6,000
Fixed overhead for the period = $6,000 - $4,000 = $2,000
Net income under absorption costing = $50,000 + $2,000 = $52,000
Answer: The answers are given below
Explanation:
Personal income distribution focuses on how income is being shared among the individuals in a nation while the functional income distribution has to do with the amount of income that is relative to the production factors
A progressive tax is a type of tax whereby the high income earners pay a larger percentage of their income than those that are from the low income groups while a proportional tax is a type of tax whereby everyone whether from high or low income group pays the same percentage as tax.
The problem of progressive taxation as a means to achieve greater equality in income distribution is that it encourages inequity. The aim of the progressive tax system is to bring about fairness whereby everyone in the economy will pay a fair share but the reality is that actually leads to many households paying more than the amount they should fairly pay while some pay close to nothing. It can also lead to the disincentive to work hard. When workers realize that a higher percentage of their income will be deducted as tax, they may reduce their commitment to work which lead to reduction in productivity.
