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In a small, closed economy, national income (GDP) is $ 400.00 million for the current quarter. Individuals have spent $ 150.00 m

Mashcka [7]

Answer:

The amount spent in this economy in the said quarter is $100,000,000.00

Explanation:

However, in closed economies what it simply means is that there are no exports and imports.

Investment (I) = business investment plus residential investment plus inventory investment. Government Purchases (G) = general government consumption plus general government investment. Net Exports (NE) = exports minus imports plus net tourism.

∴ to calculate the amount of money spent on this closed economy, I will use the Expenditure Approach formula for GDP and make Investment the subject of the formula which is

GDP formula is used which states that total output/GDP (Y) is equal to Consumption (C) + Investment (I) + Government Spending (G) + Net exports (NX). Where net exports is exports (X) minus imports (M): NX = X – M.

Where:

GDP (Y) = C + I + G + (X-M)

Where:

GDP (Y) = $400,000,000.00

C = $150,000,000.00

I = 0

G = $150,000,000.00

(X-M) = 0

GDP (Y) = C + I + G + (X-M) =

$400,000,000.00 = $150,000,000.00 + (I) + 150,000,000.00 + (X-M)

Making (I) the subject of the Formula

GDP- C -G = I

∴ $400,000,000.00 - $150,000,000.00 - $150,000,000.00 = I

∴ $400,000,000.00 - $300,000,000.00

= $100,000,000.00

The amount spent in this economy in the said quarter

= $100,000,000.00.

Note: I did not add the Tax because I used the Expenditure approach method which does not include the tax values while the Income Approach method does include it but excludes Export and Import values.

6 0

3 years ago

What are two inputs to the solution vision?

Bumek [7]

Customer feedback and Strategic Themes are two inputs to the solution vision.

A high-level architectural plan that addresses present company needs is a solution vision. These requirements include the architectural layer changes. As modifications in architecture are never the intended goal alone, it always has business benefit.

The Vision provides a summary of the developed Solution's potential future state. It reflects the features and capabilities that have been offered to address the needs of customers and stakeholders.

Learn more about solution vision here

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3 0

2 years ago

Worldwide Minerals Inc. wants to expand into the international market. It does not want to spend a very large amount of money fo

slavikrds [6]

Answer: Option A

Explanation: In simple words, joint ventures refers to the business arrangement under which two or more independent parties join their operation for the purpose of doing business more effectively.

Worldwide can go for joint venture as it would be less costly then mergers and acquisitions since they have to buy a part of the entity also they can control the entity as per their share in it.

8 0

3 years ago

In the long run, a perfectly competitive market will A.supply whatever amount consumers demand at a price determined by the min

In-s [12.5K]

Answer: Option (A) is correct.

Explanation:

Correct Option: A.supply whatever amount consumers demand at a price determined by the minimum point on the typical firm's average total cost curve.

In the long run, equilibrium price of a perfectly competitive firm implies that there is no economic profit for the firm. This situation occur when the marginal cost is equal to the average total cost.

The firm is break even when the price is equal to the minimum point of average total cost of the firm. So, there is no possibility of economic profit for the firm.

5 0

3 years ago

Information for Basic Factory, Inc., as if December 31 follows:

gavmur [86]

Answer:

Basic Factor, Inc.

Cost of Goods Manufactured statement for the year ended December 31:

Opening Raw Materials Inventory = $88,000

Direct Materials = $180,000

Total cost of raw materials available = $268,000

Less Closing Raw Materials Inventory = $68,000

Cost of raw materials used in production = $200,000

Opening goods in process inventory = $25,000

Cost of raw materials used in production = $200,000

Direct Labour = $88,000

Factory Supplies = $9,500

Total Direct Cost = $322,500

Less closing goods in process inventory = $29,800

Prime Cost = $292,700

add Fixed Factory Cost:

Depreciation of Equipment = $27,000

Factory Rent = $20,000

Factory Utilities = $16,000

Factory Insurance = $17,000

Cost of Manufactured Goods = $372,700

Explanation:

Cost of manufactured goods is the managerial accounting term used to describe the total cost incurred in producing goods. It includes not only the variable costs, but also the fixed costs of production.

A step-by-step method of preparing the statement of Cost of Manufactured Goods (COGM) yields the costs of raw materials available for production, the cost of raw materials used, the total direct cost, and the prime cost.

8 0

3 years ago

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