1. All of the following were powers given to the federal government by the National Banking Acts of 1863 and 1864 EXCEPT D. to dismantle privately owned banks
2. When economists measure opportunity cost to help determine the true value of economic decisions, they consider both the D. monetary and human value.
3. Which of the following was NOT an economic institution created in Europe to help foster economic unity among the countries there? D. European Union (EU)
4. Though the challenges of decision making are similar at all levels of the economy, B. the impact decreases as more people are involved.
I think that the impact decreases as more people are involved because these people will be able to analyze many more aspects involving a decision as well as its corresponding consequences. The decision made will be a result of consensus among the people involved for the benefit of the majority if not all.
5. All EXCEPT which of the following options could describe the statement below?
You get something and you give up something else.
B. consumer sovereignty – This is a situation where the desire of the consumer affects the production of their desired goods.
6. Who proposed the first bank of the United States?
B. Alexander Hamilton – He officially proposed the creation of the first bank during the first session of the First Congress.
7. As an economic institution, nonprofit organizations include D. professional organizations. The main purpose of these organizations is to make their profession better or more valuable for the people practicing the profession as well as for the benefit of the general public.
8. In economics, economic institutions serve to A. help establish and keep participation in the economy fluid.
9. Who is credited with first using cost-benefit analysis?
B. Jules Dupuit – A French engineer and economist. He wrote an article in 1848 where the concept of Cost-Benefit analysis was presented.
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Given:
Purchase Price: 950
Sales tax: 5% of 950 = 47.50
Total amount applied for credit: 950 + 47.50 = 997.50
APR = 12.5%
Monthly interest rate: 12.5% / 12 = 1.0417%
Interest = 997.50 x 1.0417% = 10.3910 or 10.39
*I assumed that the sales tax paid was included in the credit card payment. Thus, interest for said tax was also computed. The late fee charged was not part of my computation because it is not a part of the original amount.
The table shows an indifference schedule for several combinations of X and Y. The table below shows the total utility data for products X and Y. Assume that the prize if X and Y are $3 and $4, respectively, and that consumer income is $18...The price of good A is $1 and the price of good B is $2
Answer:
Real Exchange Rate computed as German goods per U.S. goods: 2
Explanation:
Cost in the US: 0.50 dollar
Cost in Germany: 1 euro
Real Exchange Rate: German Goods / U.S. Goods
Real Exchange Rate: 1 / 0.50 = 2
The real exchange rate measures the price of foreign goods relative to the price of domestic goods.
Answer:
Work in Process Inventory account balance on June 30 is $950.
Explanation:
Here i will calculate the balance of Work in Process Inventory account using missing figure technique in Work In Process T - Account.
<u>Calculation of Work in Process Inventory account balance</u>
Work In Process T - Account
<u>Debit :</u>
Beginning Work in Process (Job A) $500
Beginning Work in Process (Job B) $350
Manufacturing Costs incurred (Job A) $750
Manufacturing Costs incurred (Job B) $600
Totals $2,200
<u>Credit :</u>
Transferred to Finished Goods (Job A) $1,250
Ending Work In Process (Job B) (<em>Balancing figure</em>) $950
Totals $2,200