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Explanation: Mm mjhuuuuuuuuuuuuuuuuuuuuuh
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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Answer:
The Journal entries are as follows:
(i) Sale of Equipment
Cash A/c Dr. $20,300
Accumulated Depreciation A/c Dr. $22,500
To Equipment $40,000
To Gain $2,800
(To record the sale of equipment)
(ii) Sale of Equipment
Cash A/c Dr. $12,700
Accumulated Depreciation A/c Dr. $22,500
Loss A/c Dr. $4,800
To Equipment $40,000
(To record the sale of equipment)
Workings:
Accumulated Depreciation = [(40,000 - 2,500) ÷ 5] × 3 years
= 7,500 × 3 years
= $22,500
Answer:
False
Explanation:
Most interest rates in the economy are not set by federal reserve. For example, banks decide what interests to pay different kind of deposits and charge loans of different risks on their own (with consideration for competition and profitability).
What the Fed does is set important rates (discount rate and funds rate) that influence other interest rates in the economy.
