Answer:
The independent decisions of individuals in the marketplace determine the answers to the fundamental economic questions.
Explanation:
The study of Economic Science allows us to understand the fundamental premises that govern the functioning of market economies. A market economy operates freely - the decisions of the economic agents are independent - which leads us to understand determining questions, such as how much to produce and how much to employ.
A market economy operates under the logic of the interaction between supply and demand of goods and services, so that companies act in a system of competition, via prices, for market share. Thus, consumers benefit from competition and the role of government is only to ensure the right environment for economic transactions.
Answer:
a. unaffected
b. understated
c. overstated
d. overstated
e. overstated
f. unaffected
Explanation:
The journal adjustment entry for supplies consumed should be;
Supplies expense A/C Dr.
To Supplies A/C
(Being supplies consumed recorded)
Supplies expense being an expense and supplies being an asset, the omission would lead to understated expenses since the expense has not been recorded and overstated assets since the cost of supplies used was supposed to be reduced from assets balance.
Answer:
$176,400
Explanation:
Life insurance need = 0.70 × Salary amount × 7
= 0.70 × $36,000 × 7
= $176,400
Therefore using the easy method the amountof insurance that Stephanie should carry is $176,400
