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2 years ago

explain two ways in which the government contributes to the efficient operation of the economic system.

1 answer:

3 0

Government enhances the operation of the market system by providing an appropriate legal foundation and promoting competition. Transfer payments, direct market intervention, and taxation are among the ways in which government can lessen income inequality.

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What is the United States currency linked to?

ElenaW [278]

The U.S. dollar is fiat money, as are the euro and many other major world currencies. This approach differs from money whose value is underpinned by some physical good such as gold or silver, called commodity money. The United States, for example, used a gold standard for most of the late 19th and early 20th century

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2 years ago

Read 2 more answers

"GDP is an imperfect measure of economic well-being because it fails to measure what types of production?"

almond37 [142]

Answer:

GDP is an imperfect measure of Economic well being because of : Production of - Non Monetary Exchange goods , Positive & Negative Externalities goods, Negative Impact goods.

Explanation:

GDP is the total value of goods & services produced by an economy during a period of time.

Although reflecting flow of goods & services in an economy, GDP is still not a perfect measure of well being because :

Non Monetary Exchange Goods : Services of family members (housewives), leisure production (eg painting) are non monetary.
Positive & Negative Externalities Goods: Benefit or harm to un-involved party, without any monetary exchange. Eg - Education, Pollution.
Negative Impact Goods : Goods consumption leading to well being loss rather than well being gain. Eg- Addiction (Alcohol / Smoking).

All these goods change well being : Non Monetary Exchange Goods increase well being , Positive Externalities increase welfare , Negative Externalities decrease welfare , Negative Impact goods decrease welfare.

But, these are still not included in GDP evaluation. So, all these make GDP an imperfect measure of well being.

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3 years ago

Larimer mfg. has placed all the die cast machines in one area, the machining centers into a different area, and the finished g

geniusboy [140]

Departmentalization refers to subdividing a business or organization into sections based on their function or other criteria. There are different types of departmentalization. Some types include functional, product, customer, geographic, process and divisional. Based on the scenario given above, Larimer is using functional departmentalization.

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2 years ago

Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal, indicate the jou

Mnenie [13.5K]

To pick the correct journal from the list we should be sure that we will record some transactions in more than one journal.

Explanation:

The combinations are below:

A. Receipt of cash refund from over payment of taxes. (Cash Journal)

B. Adjustment to record accrued salaries at the end of the year (General journal)

C. Providing services on account (Revenue Journal)

D. Investment of additional cash in business by the owner (Cash, General Journal) (The transaction will be recorded in both cash and capital accounts but instead of the capital, we put it in the General Journal to be transferred later)

E. Receipt of cash on account from customer (Cash Journal)

F. Receipt of cash for rent ( Cash, General Journal) (The transaction will be recorded in both cash and rent account but for the journal we put the rent part in the General journal)

G. Receipt of cash from sale of office equipment (Cash, General Journal) (An office equipment is assumed to be a fixed asset, thus its sale will not go into the revenue journal but the General Journal whiles the cash receipt is treated in the Cash Receipts Journal)

H. Sale of used office equipment on account, at cost to a neighbor (General Journal)

I. Closing of drawing account at the end of the year (General Journal) (The question did not specify whether is was goods withdrawn or cash withdrawn so we assume it to be goods withdrawn)

J. Providing services for cash (Revenue, Cash Receipts Journal)

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2 years ago

Which situation best describes the role of businesse in the circular flow of goods

Lyrx [107]

I think is 475848 because I just timed by 48 so I got 475848

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3 years ago

explain two ways in which the government contributes to the efficient operation of the economic system.​

explain two ways in which the government contributes to the efficient operation of the economic system.