Answer:
The short run refers to a period of less than one year.
Explanation:
The statements is false that the short run refers to a period of less than one year.
The short run, long run and very long run are different time periods in economics.
<u>Short run – where one factor of production (e.g. capital) is fixed</u>.
long run – Where all factors of production are variable,
Unlike in accounting where operating period refer to a period of one year, <u> there is no hard and fast definition as to what is classified as "long" or "short" and mostly relies on the economic perspective being taken.</u>
Answer: The correct answer is "a. $26,000".
Explanation: Implicit costs: Also known as opportunity costs have to do with alternative profit options, or money that we no longer receive when performing certain commercial actions.
A person incurs implicit costs when he waives an alternative action.
Implicit costs: $20000 + $6000 = $26000.
Answer:
For economists is important to avoid political interferance in the monetary policy. Populist governments often use the creation of money to justify their political programs, causing inflation and distortions on the market.
In the last report of FOMC is highlighted the behaviour of market labour and the lower expectations of inflation.
Explanation:
There are two tools commonly used in political economy to finance government programs: taxation and paper currency print. When the central bank is not independent, the government has an incentive to print money to fund their programs, causing inflation. In economic science has been demonstrated that inflation is always caused by monetary phenomena.
Answer:
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Explanation:
Answer:
Cost of land= 564,500
Explanation:
Cost of land = Purchase price - Salvage + Demolition cost + Land preparation
= 540,000 - 22,000 + 39,000 + 7,500
= 564,500
