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algol [13]
3 years ago
14

What's an economy? how does it work?

Business
1 answer:
Arte-miy333 [17]3 years ago
6 0

What is an economy:

The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

How does it work:

The three principles that describe how the economy as a whole works are: (1) a country's standard of living depends on its ability to produce goods and services; (2) prices rise when the government prints too much money; and (3) society faces a short-run tradeoff between inflation and unemployment.

Hope this helps :)

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Tax Services prepares tax returns for senior citizens. The standard in terms of​ (direct labor) time spent on each return is hou
garik1379 [7]

Answer:

Tax Services

Total wages were:

= hourly wage rate * total hours spent on returns for the month

For example, if the hourly wage rate is $50 and the total hours spent on the returns equal 560 hours, the total wages will be equal to $28,000 ($50 x 560).

Explanation:

The Tax Services' total wages will be equal to the hourly wage rate multiplied by the total hours spent on returns during the month.  The total hours spent on the returns for the month is obtained by adding up the hours spent on all the returns.  The total wages depend on the hours worked and the standard wage rate that has been established in the firm.

7 0
3 years ago
Product life cycle is defined as
dezoksy [38]

Answer:

The correct answer is option d.

Explanation:

The product life cycle can be defined as a concept in marketing that describes the stages a product goes through in the marketplace. It is used by management and marketing professionals to decide when to increase advertising, reduce prices, expand to new markets, or redesign packaging.

This concept can be broken down into four stages:

  • Introduction
  • Growth
  • Maturity
  • Decline

8 0
4 years ago
Why does a price floor lead to surpluses?  Why does a price ceiling lead to shortages?  ​
Degger [83]

Answer:

Shortage: there is more demand than there is at the equilibrium price. There is also less supply than there is at the equilibrium price, thus there is more quantity demanded than quantity supplied.

Your pretty much short in supply and cant fulfill the demand

While surplus

When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result.

Theirs a a large amount of supply due to the pricing most likely beign high

Explanation:

7 0
4 years ago
Budgeted Actual Overhead cost $909,000 $884,000 Machine hours 55,000 46,000 Direct labor hours 101,000 98,000 Overhead is applie
LiRa [457]

Answer:

Missing word <em>"(b) Determine the amount of overhead applied for the year?"</em>

<em />

1. Predetermined overhead rate = Budgeted overhead / Budgeted direct labor hours

Predetermined overhead rate = $909,000 / 101,000

Predetermined overhead rate = $9 per DLH

2. Overhead applied = Actual hours * Overhead rate

Overhead applied = 98,000 * $9 per DLH

Overhead applied = $882,000

3 0
3 years ago
The margin of safety is the excess of budgeted or actual sales dollars over the break-even volume of sales dollars. It is the am
GalinKa [24]

Answer:

Istructions are listed below.

Explanation:

Break-even point= fixed costs/ contribution margin

Break-even point (dollars)= fixed costs/ contribution margin ratio

Maring of safety= current sales level - break-even point

Margin of safety ratio= (current sales level - break-even point)/current sales level

7 0
3 years ago
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