Answer:
C. a year chosen as a reference for prices in all other years.
Explanation:
Base year in the consumer price index (CPI) is a year chosen as a reference for prices in all other years.
Consumer Price Index (CPI) is a measure that is used to determine the weighted average of prices of a quantity of consumer goods and services.
Changes in the consumer price index helps to determine price changes associated with the cost of living. The consumer price index is one of the most frequently used statistics for identifying periods of inflation or deflation in an economy.
The formula used to calculate consumer price index for a product
= cost of purchasing the product in the given year ÷ cost of purchasing the product in the base year ×100
The base year or period refers to reference point in time iseda for comparison with other years or periods. It is used to measure financial and economic data.
period is a point in time used as a reference point for comparison with other periods. It is generally used as a benchmark for measuring financial or economic data.
Answer:
To restore full employment in the short run during an inflationary gap condition, the government has to apply contractionary fiscal and monetary policies that will reduce the supply of money.
Explanation:
An inflationary gap is an economic situation that is characterised by excess demand. Particularly it is that situation when the real gross domestic product of a country is greater than the projected gross domestic product. In this condition, actual aggregate demand is higher than potential aggregate demand implying that more goods and services are needed to satisfy consumers. From another perspective, this could be caused by a fall in aggregate supply while aggregate demand remains stable.
Government intervention in this case is to reduce the money supply by implementing contractionary fiscal policies such as increasing taxes, reducing government expenditure which in turn reduces disposable income. Contractionary monetary policies that could be applied include increasing short-term interest rates, increasing reserve requirements. Though this policies come in with some unwanted side effects such as unemployemnt, they however serve as short term adjustment measures for an inflationary gap condition.
Answer:
b. Specifications should not be set arbitrarily. If you set a specification to loosely, the customer will be dissatisfied or upset with the performance of what you provided, even though it meets the specification.
Explanation:
Specification is defined as a set of requirements that needs to be met when producing a product. They give a value that seperate this product from others in performance.
Specification should be narrowly defined as this will help effectively meet the customer needs.
When specifications are too loosely defined the product might not meet customer needs.
For example if a developer requires a laptop with high processing power and the company decides to provide a more generic and lower processing power, the target customer will not be satisfied
I'm not them but hello anyway B)
Answer:
Retained earnings balance on Dec 31 = $2000
Explanation:
Statement showing computations
Particulars Amount
Opening balance in retained earnings $ 5,000.
Add income (Loss) = $3300 - $4100 (-$800.00)
Less Dividends Paid = (2,200.00)
Retained earnings balance on Dec 31 $2000
