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Maksim231197 [3]
3 years ago
7

When forecasting the effect of a change in economic policy, reasonable economists will get different forecasts based on slight d

ifferences in their assumptions about utility and production functions. This means that_________.
Business
2 answers:
Nitella [24]3 years ago
8 0

Answer: Economics get different forecast based on slight difference in their assumptions about utility and production functions so as to predict future economic condition

Explanation:

Economic forecasting involves the process of predicting the future condition of an economy. By getting different forecast based on slight differences, economics are able to predict future economic condition in relations to utility and production functions based on the information from different sources.

Lapatulllka [165]3 years ago
6 0

Answer:

Never have two economists agreed about any economic policy and its effects.

Economics is a social science that studies the best way to allocate scarce resources. In economics, every resource is scarce, even the richest person has a certain amount of money, the largest mine has a certain amount of ore and everyone lives by a 24 hour day.

Economists can carry out scientific tests on microeconomic variables, but it is impossible to do it with the whole economy (macroeconomics). There are simply billions of uncontrollable variables in an economy, so a macroeconomics study is impossible. In order to study macroeconomic variables, economists rely on past data and try to formulate theories about what would happen if X happened.

The views of economists also change radically depending on their point of views and the schools that they follow: neoclassicism vs. neo-keynesian.

I will make the same mistake as everyone else that ever studied economics and give my personal opinion, neoclassicism is useless and has never worked and it will never work. There are some good aspects of neoclassicism, like monetary control of the inflation rate, but generally speaking it deals with an imaginary world with circumstances that don't exist. Neoclassicism takes out the human element out of economics, but we live and cannot simply be eliminated from an equation because its easy to do.

On the other hand, neo-keynesian economics rely on personal expectations and more realistic circumstances, e.g. no one will ever accept a pay cut and that even applies to businesses that will not accept lowering their prices. You cannot change human nature, this school is not perfect, but at least is not as disastrous as the first. President Bush believed in neoclassicism and the Great Recession came, Presidents Obama and Trump believe in neo-keynesian economics and the economy is booming. This relationship always repeats itself.

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Randall Company manufactures chocolate bars. The following were among Randall's manufacturing costs during the current year: Wag
coldgirl [10]

Answer:

1160.000

Explanation:

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8 0
3 years ago
Laurey Inc. is working on its cash budget for May. The budgeted beginning cash balance is $47,000. Budgeted cash receipts total
Masteriza [31]

Answer:

$12,000

Explanation:

Beginning cash balance = $47,000

Budgeted cash receipts = $131,000

Budgeted cash disbursements = $126,000

The desired ending cash balance = $64,000

The net movements around the cash opening balances, cash receipts, disbursement and borrowing results in the closing balance by the formula below;

The desired ending cash balance = Beginning cash balance + Budgeted cash receipts + Borrowing - Budgeted cash disbursements

$64,000 = $47,000 + $131,000 + Borrowing - $126,000

Borrowing = $64,000 + $126,000 - $47,000 - $131,000

Borrowing = $12,000

Borrowing required to achieve desired closing balance is $12,000

8 0
3 years ago
If a customer buys $10,000 worth of stock in a cash account, then sells the shares for $12,000 without first paying for the buy
katovenus [111]

Answer:

B) II and III.

Explanation:

Based on the information given the statement that are TRUE are II and III

II. The amount of $2,000($10,000-$12,000) which is the profit for the business will be given to the customer but the customer account will have to be frozen or put on hold for 90 days because the customer had not paid for the buy side before selling the shares for the amount of $12,000

III. In a situation where customer paid the amount for the buy side in full either before or after the fifth business day which is the day that follows the trading date, the customer account that had be frozen will be unfrozen or lifted because the buy side amount had be paid in full.

3 0
4 years ago
Crane Company uses job order costing for its brand new line of sewing machines. The cost incurred for production during 2019 tot
irina [24]

Answer:

$560

Explanation:

Add all the costs:

Materials $8,000

Labor $4,000

Overhead $1,000

And we will get the Total Manufacturing Cost of $13,000.

Then, add the Beginning Work in process of $5,000 to get the Cost of goods put into process of $18,000.

Now, deduct the Ending Work in process of $4,000 to get the Cost of goods manufactured of $14,000.

Since they promptly ships the goods, the $14,000 will automatically be the Cost of Goods Sold.

Finally, to get the cost per machine, just divide $14,000 by the 25 machines and we will get the $560 cost per machine.

8 0
3 years ago
If the labor force grows at a faster rate than the number employed, it means that
ss7ja [257]

Answer:

the number employed, the unemployment rate will rise.

Explanation:

4 0
4 years ago
Read 2 more answers
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