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katen-ka-za [31]
3 years ago
12

Suppose that the consumer price index in Eastlandia rises from 150 to 159 over the past year, and that the city sets its car reg

istration prices so that real prices stay the same. If the cost to register a car was $50 last year, how much would it cost this year, in nominal terms?
Business
1 answer:
Mnenie [13.5K]3 years ago
4 0

Answer:

The Nominal Cost to register the car should be $53.

Explanation:

For the first year the data is given as

CPI=150

Nominal Price=$50

Real Income= Nominal Cost / Consumer Price Index

                    =50/150 = 0.33

Now for the second year as the real income is same as previous year thus

RI=0.33

CPI has increase to 159. Now the nominal cost is given as

Nominal Cost=Real Income * Consumer Price Index

Nominal Cost=0.33 * 159

Nominal Cost=$53

So the Nominal Cost to register the car should be $53.

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It performs higher functions like interpreting touch, vision and hearing, as well as speech, reasoning, emotions, learning, and fine control of movement.

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3 years ago
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Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiat
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Answer:

The journal entry at the time when great adventures obtains the $30,000 loan is:

Account Title                       Debit            Credit

Cash                                     30,000

Notes Payable                                          30,000

The interest accrued at the end of each month would be:

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Interest entry would be made at the end of each month to record the interest expense.

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3 years ago
Catherine, a senior project manager, has advance knowledge of the projects that her team will be handling in the next six months
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Answer:

The correct answer is letter "C": one of the satisfactions of being a leader.

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3 years ago
On December 31, 2019, Spearmint, Inc., issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. After recording the rela
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Answer:

Interest expense    18,284.17  debit

Premium on BP        1,965.83 debit

        Cash                                 20,250 credit

Explanation:

procceds 461,795

face value 450,000

premium on bonds payable 11,795

As the cash received exceed the face value then, the bonds were isued at premium.

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amortization per payment:

11,795 / 6 = 1.965,83

The will post:

the cash disbursement in favor of the bondholder:

450,000 x 9%/2 =  20,250

amortization             (1,965.83)

interest expense:    18.284,17‬

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1 year ago
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