The engineer's real income today in terms of constant 1950 dollars is $14,400.
<h3>What is the real income?</h3>
Real income ls nominal income less inflation rate. Inflation rate is when there is a persistent rise in the general price levels of a country.
Real income = nominal income - inflation
Inflation = (1 + 6.6) x $6000 = $45,600
Real income = $60,000 - $45,600 = $14,400
To learn more about real income, please check: brainly.com/question/6616964
Answer:
b. 320000
Explanation:
In order to calculate the joint cost of Gorp we need to understand what the method means and how it's used to calculate it. The adjusted sales method is used to allocate joint costs based on the prices the products are sold.
First of all we need to calculate the percentage of Selling price of Gorp to that of the total selling price of both Gorp and Gumm.
I.e: 60 ÷ (60+30) × 100
SP % of Gorp= 66.67%
Now we calculate joint cost allocated to Gorp.
Total joint cost of both Gorp and Gumm = $480000
Joint cost of Gorp = $480000 × 66.67%
Joint cost of Gorp = $320,000
Answer:
rely on the invisible hand of the market to reallocate resources,
Explanation:
The invincible hand was adams Smith's idea which is defined as an observable market force that helps the demand and supply of goods in a free market to attain equilibrium naturally without government intervention in the market thereby leaving the people alone to buy and sell freely among themselves . This would naturally choose type of goods to be produced and reduce resource waste by closing Down weak markets that produce less demanded products.
COMMUNIST
Under the Communist System the number of choices in the market is directly related to government involvement in markets.
Communist system is a market system wherein all market decisions are made by the government.
True.
I hope this helps! :)
