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ehidna [41]
3 years ago
15

Suppose there is a simple one good economy that only produces spinning rims. In 2004, the economy was able to produce 500,000 se

ts of spinning rims at an amazing price of $100 per set. In 2005, the economy was able to produce 500,000 sets of spinning rims at a price of $200 per set. By what amount did real GDP increase between 2004 and 2005 in the simple one good economy
Business
1 answer:
VMariaS [17]3 years ago
5 0

Answer:

Zero Increase in Real GDP between 2004 and 2005.

Explanation:

Nominal value of GDP in 2004

Nomina Value = $100 x 500,000

Nominal Value = $50,000,000

Nominal value of GDP in 2005

Nominal value = $200 x 500,000

Nominal value = $100,000,000

We can find Real GDP amount by multiplying base year price by current year quantity.

Real GDP = Base year price x Current year quantity

Real GDP = $100 x 500,0000

Ral GDP = $50,000,000

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1) Which of these is a social goal of any economic system?
vichka [17]

<u>A social goal of any economic system:</u>

All economic systems' broad goals saw as key to the U.S. economy are soundness, security, economic freedom, equity, economic growth, efficiency, and full employment.

Accomplishing these objectives is troublesome in light of the fact that—despite the fact that the objectives supplement each other now and again—by and large, there are exchange offs to confront. To keep up a solid economy, the national government looks to achieve three approach objectives: stable costs, full business, and financial development.

Notwithstanding these three arrangement objectives, the central government has different destinations to keep up the sound financial strategy. Monetary objectives are not in every case commonly perfect; the expense of tending to a specific objective or set of objectives is having fewer assets to focus on the rest of the objectives.

7 0
4 years ago
Match the example with the business structure that makes sense for it. To match the items, click the example, and then click the
Kazeer [188]

Answer:

Doug and Vanessa- partnership

Esperanza- sole partnership

Robyn- c corporation

Cuba- s corporation or LLC

Ming- nonprofit corporation

I hope this helps someone!!

7 0
3 years ago
The owner of a business invested $5,000 in the business. what are the effects on the fundamental accounting equation?
Bezzdna [24]

The owner of a business invested $5,000 in the business. Total assets and liabilities increase on the fundamental accounting equation.

<h3>What are assets ?</h3>

Financial accounting classifies as an asset any resource that a business or other economic organization owns or manages. Anything that has the potential to provide positive economic value qualifies. The ownership value that can be turned into cash is represented by assets.

<h3>What are liability ?</h3>

A liability is defined in financial accounting as the future economic advantages that an entity must forgo for other entities as a result of previous transactions or other previous events.

<h3>Difference between asset and liability </h3>

Any possessions that could possibly result in future financial gain are considered a company's assets. Your debts to other people are called liabilities.

To know more about transactions visit :

brainly.com/question/24730931

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5 0
2 years ago
Health insurance Plan A requires the insured to pay $1000 or 50% of total cost, whichever is lower. Plan B requires the insured
kirill [66]

Answer:

C. $3,800

Explanation:

The computation of the cost level for both insurance policy is shown below:

We choose $1,000 or 50% which ever is lower

We take the help of the given options

a. For the first option

The 50% is 300 which is less than the 1,000 now we take 80% of ($600 - $300) that comes $240

b. For the second option

The 50% is 500 which is less than 500 now we take 80% of ($1,000 - $300) that comes $560

c. For the third optiion

The 50% of $3,800 i.e $1,900 and $1,000 whichever is less i.e ($3,800 - $1,000) = $2,800 so it is $1,000 now we take the 80% of ($3,800 - $300) i.e $2,800

Thus the amount comes same

Thus this is the right option

5 0
3 years ago
If increasing numbers of consumers decide to purchase organically farmed fruit rather than conventionally farmed fruit, how is t
galina1969 [7]

If  increasing numbers of consumers decide to purchase organically farmed fruit rather than conventionally farmed fruit, how the market is likely to respond is: Conventional fruit profits will fall.

<h3>What is Conventionally farming?</h3>

Conventional farming can be defined as the process  of farming fruits and vegetables.

Based on the given scenario in a situation were high number of consumer bought organic farmed fruit instead of conventional farmed fruit, this means that profit for conventional fruit will declined.

Therefore  how the market is likely to respond is: Conventional fruit profits will fall.

Learn more about Conventionally farming here:brainly.com/question/2566678

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3 0
2 years ago
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