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3 years ago

Question 1 Describe the role of supply, demand, and competition in a free-enterprise system.

Business

1 answer:

kvv77 [185]3 years ago

8 0

Answer:

Competition is a driving force of free enterprise, resulting in greater efficiency and lower prices for the consumer. Countries embracing free market principles benefit from a higher standard of living.

Explanation:

:-)

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An economy produces 10 cookies in year 1 at a price of $2 per cookie and 12 cookies in year 2 at a price of $3 per cookie. From

Vaselesa [24]

From year 1 to year 2, the real GDP of the economy increases by 20%.

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year.

Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation. It reflects the value of goods and services produced in an economy.

<h3>What is the increase in real GDP?</h3>

GDP in year 1 = 10 x $2 = 20

Real GDP in year 2 using year 1 prices as base price = 12 x $2 = $24

Increase in real GDP = (24 / 20) - 1 = 20%

To learn more about GDP, please check: brainly.com/question/15225458

5 0

2 years ago

A local government operates on a calendar-year basis. Prepare journal entries to record the following transactions and events fo

astra-53 [7]

Answer:Please find answers in explanation column

Explanation:

1. Journal to record Short term borrowing

Date Account title Debit Credit

Feb. 1, 2018 Cash $400,000

Tax anticipation notes payable $400,000

2.Journal to record accrued interest payable on TAN)

Date Account title Debit Credit

Dec. 31, 2018 Expenditures – interest $3,666.67

Accrued interest payable $3,666.67

Calculation :Accrued interest= Principal x rate x period (time)

$400,000 x 1% x 11/12= $3,666.67

3. Journal to record investment in CD

Date Account title Debit Credit

April 1, 2018 Investments $100,000

Cash $100,000

4.Journal To record redemption of CD with interest

Date Account title Debit Credit

Sept. 30, 2018 Cash $100,400

Investments $100,000

Cash Revenues – interest income $400

Calculation

Accrued Interest

Principal x rate x period (time= )100, 000 x 0.8 %x 6/12)= $400

Cash = Investment + interest= $100,000 + $400 = $100,400

4 0

3 years ago

Jimmy is an employee of Roofing, Inc., which is performing a contract for the federal government. Jimmy learns that Roofing, Inc

Bas_tet [7]

Answer:

An exception based on public policy.

Explanation:

Employment at will according to the United States is a doctrine that permits the employer and employee to work together in an indefinite period of time, whereas they are able to terminate their contract with any necessary fair clause.

In many counties around the world, employers always look for reasons to terminate or stop their employees from working, whereas an exception based on public policy negate this doctrine.

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2 years ago

Differences in standards of living, credit, buying power, and income distribution are all examples of ____ forces that must be c

Vesnalui [34]

Answer:

The correct answer is

c. economic

good luck

8 0

3 years ago

Prior to adjustment at August 31, Salary Expense has a debit balance of $322,200. Salaries owed but not paid as of the same date

Phantasy [73]

Explanation:

The Journal entry is shown below:-

a. Salary Expense Dr, $2,550

To salaries payable $2,550

(Being accrual of salary is recorded)

b. Income summary Dr, $324,750

To Salary expense $324,750

($322,200 + $2,550)

(Being closing of salary expense is recorded)

4 0

3 years ago