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larisa86 [58]
3 years ago
5

In a small, closed economy, national income (GDP) is $ 600.00 million for the current quarter. Individuals have spent $ 250.00 m

illion on the consumption of goods and services. They have paid a total of $ 100.00 million in taxes, and the government has spent $ 200.00 million on goods and services this quarter. Use this information and the national income identity to answer the questions. How much is spent on investment in this economy
Business
1 answer:
vovangra [49]3 years ago
6 0

Answer:

The answer is $150 million

Explanation:

A closed economy is also called autarky. A closed economy is an economy that trades only within its economy. There is no import and there is no export also. The economy (country) is self-sufficient.

The formula for GDP in a closed economy equals C + I + G

where C is the household/individual consumption.

I is the business or firm's investment

G is the government spending.

GDP is $600million

C is $ 250 million

G is $ 200 million

I = ($600 - $ 250 - $200) million

I= $150 million

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Explanation:

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First it will set price equal to his marginal revenue.

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Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of s
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Answer:

a.

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Jan. 31                 Product Warranty Expense                 $15,160

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<u>Working:</u>

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Jan. 31                 Product Warranty Payable                     $355

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                            Wages payable                                                          $105

The costs of the warranty will be taken from the liability account for warranties  because the warranty payable account represents that the company owes warranty repairs which the customer just came to collect.

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