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3 years ago

What are the disadvantages of a mixed economy?

Business

2 answers:

alexgriva [62]3 years ago

7 0

Answer:

The disadvantages of a mixed economy are discussed below.

Explanation:

The Disadvantages of the Mixed Economy

The mixed economy is the midway house.
It is not helpful in achieving the total use of natural resources.
Heavy taxes made work really hard or make profits.
The mixed economy is the only one who suffers from the cons of capitalism and the socialist economy.
Under mixed economy wastage of country's resources occur in the country.

gogolik [260]3 years ago

5 0

One disadvantage of mixed economies is that they tend to lean more toward government control and less toward individual freedoms. ... Another negative is that the government decides the amount of tax on products, which leads to people complaining about high taxes and their unwillingness to pay them.

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Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5% to open her lingerie shop. The date of the loan was March 5.

dezoksy [38]

Sue will pay back $507.20 in interest expense.

Explanation:

The formula for calculating simple interest is:

SI = P x r x t ÷ 100

P = Principal
r = Rate of Interest
t = Term of the loan/deposit in years

In the given problem,

Sue Gastineau borrowed $17,000 from Regions Bank so, P = $17000
Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5%, so r = 5.5 %
Number of days of the loan = March 5 to September 19
Sue borrowed $17,000 from Regions Bank for the period of = 198 days, So t = 198 / 365

Simple Interest = (17000 * (5.5/100) * (198/365))

Simple Interest = (17000 * (0.055) * (0.5424657534246575‬))

Simple Interest = $507.20

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3 years ago

Workers and firms often enter into contracts that fix prices or wages, sometimes for years at a time. If the price level turns o

GalinKa [24]

Answer: Contract are mostly prevalent in the Union jobs which are the jobs in which employees are represented by an organizations which act as an intermediary between the employees and their employers.

This is done in order to ensure that employees are protected from future inevitable inflation that may come unexpectedly as it usually does.

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3 years ago

Hart Company made 3,040 bookshelves using 22,040 board feet of wood costing $271,092. The company's direct materials standards f

kifflom [539]

1. a. The computation of the direct materials price variance is as follows:

= $2,204 ($12.20 - $12.30) x 22,040) Unfavorable

1.b. The computation of the direct materials quantity variance is as follows:

= $27,816 (24,320 - 22,040) x $12.20) Favorable

2. The direct materials variance that Hart will investigate further is the direct materials quantity variance, which is 10.3% ($27,816/$271,092 x 100) of the actual direct materials costs instead of the direct materials price variance, which is only 0.8% of the actual direct materials costs.

3. The journal entry to charge direct materials costs to Work in Process Inventory and record and close the materials variances are as follows:

a. Recording the Direct Materials Costs and Variances

Debit Work in Process $296,704 ($12.20 x 8 x 3,040)

Debit Direct Materials Price Variance $2,204

Credit Direct Materials Quantity Variance $27,816

Credit Raw Materials $271,092

To record the charge of direct materials to work in process based on standard cost.

b. Closing the Direct Materials Variances:

Debit Direct Materials Quantity Variance $27,816

Credit Direct Materials Price Variance $2,204

Credit Cost of Goods Sold $25,612

To close direct materials variances to the cost of goods sold.

Data and Calculations:

Units of bookshelves produced = 3,040

Feet of board used = 22,040

Cost of board feet of wood = $271,092

Per Unit Standard Actual

Price $12.20 $12.30 ($271,092/22,040)

Board feet 8 7.25 (22,040/3,040)

Learn more the computation of direct materials variances here: brainly.com/question/16048600

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2 years ago

In 2018, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method.

Sati [7]

Answer:

In Barton and Barton Company's general journal, entry required include:

Debit Retained Earnings Account with $8.2 million

Credit Opening Inventory with $8.2 million

Being reversal of overstated inventory due to change from FIFO to Average cost method.

Explanation:

The debit entry to the Retained Earnings Account will reduce the balance by $8.2 million. The effect of overstating the closing inventory is overstatement of the net income because the cost of sales was understated as a result of the inventory overstatement.

The credit entry to the Opening Inventory reduces the balance to the new balance based on the average cost method of $23.8 million.

The FIFO cost method or First-In, First-Out method is an inventory costing method that assumes that goods that were bought first were the ones to be sold first. The inventory cost is therefore valued with the most recent quantity and cost price.

On the other hand, the Average Cost Method, also called the Weighted Average Cost Method, calculates the inventory cost by adding all the period's inventory and dividing it by the quantity for the period. This gives an average cost which is in turn used to multiply the quantity of inventory at the end of the period to obtain the inventory cost.

Both methods are estimates that produce different results and affect the reported net income differently. There is always the need for consistency in choosing the method to apply so that reported net income is not unduly distorted.

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3 years ago

The inverse relationship between price and quantity demanded can be graphically illustrated by ______. Multiple choice question.

Oliga [24]

The inverse relationship between price and quantity demanded can be graphically illustrated by a downward sloping curve. Therefore, Option D is the correct statement.

<h3>What is the relationship between price and quantity?</h3>

The law of supply and demand is a keystone of present-day economics. According to this theory, the price of a good is inversely associated with the quantity offered.

This makes the experience for plenty of goods because the more high-priced it becomes, much fewer people could be capable of affording it and the demand will finally drop.

Therefore, The inverse relationship between price and quantity demanded can be graphically illustrated by a downward sloping curve. Option D is the correct statement.

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2 years ago